21.7
Review exercise
Learning pathways LEVEL1 1, 3, 4, 8
LEVEL2 2, 6, 7, 9, 10
LEVEL3
5, 11
REMEMBER AND UNDERSTAND 1. Economists identify the household sector as: A. all people living in houses. B. all consumers in the economy.
C. businesses that operate from private homes. D. consumers that have taken out a mortgage loan. 2. The government in Australia has an impact on markets by: A. determining prices in the retail market.
B. controlling interest rates in the financial market. C. regulating minimum wages in the labour market. D. promoting capital growth on the stock market.
3. When the government enters into trade agreements with other countries: A. both countries may agree to lower tariffs for each other’s goods and services. B. both countries may agree to increase tariffs for each other’s goods and services.
C. the exporting country may agree to increase tariffs. D. the importing country may agree to increase tariffs. 4. Income tax in Australia is an example of: A. an indirect tax. B. a proportional tax. C. a progressive tax. D. a regressive tax. 5. Identify the type of economy used in Australia. A. Capitalist economy B. Market economy C. Socialist economy D. Command economy 6. Which of the following isnot a function of money? A. Medium of exchange B. Store of value
C. Measure of value D. Measure of credit ANALYSE AND APPLY 7. Recall the four functions of money. 8. Explain the role of buyers in the Australian economy. 9. Distinguish between imports and exports and explain why we need them in our economy. EVALUATE AND COMMUNICATE 10. Discuss two roles played by the government in the economy. 11. Evaluate Australia’s tax system. Answers and sample responses for this topic are available online.
TOPIC21 Understanding tax and consumer literacy 623
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