Trade, Investment & Scams

The concept where individuals produce certain goods that they are good at producing best in order to increase efficiency. This is known as:

• Specialisation

• Interdependence

• Trade

• International trade

Which is not a reason Australia trades with Asia?

• Because Asia has a large manufacturing industry whereas Australia does not

• Because there is demand in the Asian market for Australia's raw materials

• Because Australia is geographically closer to Asia therefore transport costs are cheaper

• Because Australia and most Asian countries have similar political systems

What does industry Australia specialise in, relating to trade?

• Dangerous animals

• Mateship

• Beaches

• Minerals and resources

Australia's current top two-way trading partner countries are, in order from top (1st) to bottom (3rd):

• USA, China & UK

• Asia, USA & Europe

• China, USA & Japan

• China, UK & Republic of Korea

Australia's top 3 exports are:

• crude petroleum, iron ore and coal

• iron ore, coal and natural gas

• personal travel services, refined petroleum & passenger travel vehicles

• minerals and fuels, education and travel

COVID-19 impacted the Australian economy by causing what trend?

• Exports and imports decreased

• Exports and imports increased

• Exports and imports stayed steady without change

• Exports and imports dramatically increased

Australia's top 3 imports are:

• Personal travel services, refined petroleum & passenger motor vehicles

• Telecom equipment, personal travel services & passenger motor vehicles

• Computers, gold & refined petroleum

• Iron ore, coal & natural gas

An FTA is a:

• Fair Trade Agreement

• Friend Trade Agreement

• Fun Trade Agreement

• Free Trade Agreement

Agreements between two or more countries designed to reduce or eliminate certain barriers to trade and investment, and to facilitate stronger trade and commercial ties between participating countries are known as:

• Treaties

• FTAs

• Statute law

• International Covenant

Australia's most important FTA is:

• ChAFTA

• AUSFTA

• ANZCERTA

• JAEPA