Economic Growth in Australia Quiz

What has been the average real economic growth rate in Australia since 1980?

• 1.1% per annum

• 2.0% per annum

• 3.0% per annum

• 4.0% per annum

Answer explanation

The correct average real economic growth rate in Australia since 1980 has been 3.0% per annum.

What was the value of Gross Domestic Product (GDP) over the year to March 2024?

• $1.6 trillion

• $2.6 trillion

• $3.6 trillion

• $4.6 trillion

Answer explanation

The value of Gross Domestic Product (GDP) over the year to March 2024 was $2.6 trillion, as indicated in the correct answer choice.

Which period was notable for the consistency of economic growth in Australia?

• 1960s

• 1970s

• 1980s

• 25 years from the mid-1990s

Answer explanation

The period notable for the consistency of economic growth in Australia was 25 years from the mid-1990s.

Which external event did NOT contribute to economic instability in Australia?

• Asian economic crisis in 1998

• Global financial crisis in 2008

• COVID-19 crisis in 2020

• European debt crisis in 2012

Answer explanation

The European debt crisis in 2012 did NOT contribute to economic instability in Australia.

What has helped cushion the impact of variations in global economic growth in Australia?

• High government debt

• Stable inflation

• Floating Australian dollar

• Increased exports

Answer explanation

The floating Australian dollar has helped cushion the impact of variations in global economic growth in Australia by adjusting to external economic conditions.

Which component of aggregate demand has the largest percentage of total in Australia?

Answer explanation

The component of aggregate demand with the largest percentage of total in Australia is usually household consumption.

What percentage of total aggregate demand does Government Demand constitute?

Answer explanation

Government Demand constitutes a certain percentage of total aggregate demand, which can be calculated by dividing Government Demand by total aggregate demand and multiplying by 100.

Which component of aggregate demand has become a less dominant driver of growth over the past decade?

• Exports

• Household Consumption

• Business Investment

• Government Demand

Answer explanation

Household Consumption has become a less dominant driver of growth over the past decade, as compared to other components of aggregate demand.

What was the average annual growth rate of consumption over the last decade up to March 2013?

• 3.6%

• 2.2%

• 4.0%

• 1.5%

Answer explanation

The average annual growth rate of consumption over the last decade up to March 2013 was 2.2%.

During the March 2024 quarter, how much below the peak level recorded in 2012 was real business investment?

• 3%

• 5%

• 7%

• 9%

Answer explanation

During the March 2024 quarter, real business investment was 7% below the peak level recorded in 2012, making the correct answer 7%.