Economic Indicators
Which of the following is the most commonly used measure of economic growth?
b) Gross Domestic Product (GDP)
A budget deficit occurs when this happens.
expenditure exceeds receipts
This reform aims to improve productivity, competition, and outcomes for consumers.
microeconomic reform
In 2019, this country was Australia’s largest trading partner.
China
This agreement signed in 2016 committed Australia to reduce greenhouse gas emissions.
the Paris Agreemen
Strong and sustainable growth in Australia is considered to be between these percentages.
3–4% per year
The largest proportion of Australian government spending goes to this area
social security and welfare
Cutting tariffs, reducing subsidies, and abolishing quotas are features of this policy.
trade liberalisation
Australia’s GDP growth rate in 2019 was approximately this percentage.
1.4%
The measure that tracks consumer willingness to spend and confidence in the economy.
Consumer Confidence Index
This measure divides GDP by the number of people in the economy.
GDP per capita
The official price of borrowing money in Australia is called this.
the cash rate
This industry in Australia was heavily affected by trade liberalisation and collapsed.
the motor vehicle industry
In 1995, this country was the top destination for Australian exports.
Japan
This describes a balanced relationship with international trade, including imports and exports.
external stability
This type of income includes things like company cars provided to employees.
Income in kind
This organisation manages Australia’s monetary policy.
the Reserve Bank of Australia
The body that enforces competition and consumer law in Australia.
the Australian Competition and Consumer Commission (ACCC)
This neighbouring country shares close economic ties with Australia and often mirrors our economy.
New Zealand
Increased pollution, climate change, and resource depletion are examples of these side effects of growth.
negative externalities
This term describes government payments such as pensions and unemployment benefits.
Transfer payments
This type of tax is levied on income, such as wages and salaries.
a direct tax
Selling goods below cost to drive competitors out of business is known as this.
predatory pricing
China’s GDP growth rate in 2019 was approximately this percentage.
6.0%
In 2008, Australia signed this international environmental agreement.
kyoto protocol