Chapter 8.4

Question 1

What three ways does international trade affect our economy?

Answer 1

• Exports help Australian businesses to grow.
• Some products can be made more efficiently elsewhere so imported goods can be cheaper for consumers.
• Greater variety of goods and services available

Question 2

What are Australia’s top three trading partners?

Answer 2

• China: US$90.6 billion
• Japan: US$19 billion
• United states: US$13.1 billion

Question 3

What is a deficit?

Answer 3

When a country imports more goods and services from another country than it exports.

Question 4

What are Australia’s top three trade deficits?

Answer 4

• United States: US -$14 billion
• Germany: US -$9.2 billion
• Thailand: US -$6.1 billion

Question 5

What are Australia’s top three trade surpluses?

Answer 5

• China: US$19.1 billion
• Japan: US$9.4 billion
• Hong Kong: US$7.1 billion