Exam Revision Part C Flashcards
Who are Australia’s main export partners ?
- China
- Japan
- Republic of Korea
- India
- United States
Who are Australia’s main import partners ?
Imports
- China
- japan
- United States
- Republic of Korea
- Singapore
What goods and services does Australia export
- iron,ore and concentrates
- coal
- gold
- education, related travel services
- personal travel services
Imports for australia
- personal travel services
- crude petroleum
- passenger motor vehicles
- refined petroleum
- freight transport services
Definition of trade
A basic economic concept that involves multiple parties participating in the voluntary negotiation and then the exchange of one’s goods and services for desired goods and services that someone else possesses.
Definition of tariff
A tax imposed on imported goods and services. Tariffs are used to restrict trade, as they increase the price of imported goods and services, making them more expensive to consumers.
What is a multinational company
A corporation that has its facilities and other assets in at least one country other than its original country. Such companies have offices and/or factories in different countries and usually have a centralized head office where they co-ordinate global management.
Who was responsible for preparing the 2014 federal budget ? What is his title and name ?
Joe Hockey, Treasurer
What political party does the treasurer belong to ?
He belongs to the liberal party
What are the two greatest sources of revenue for the federal government ? Provide approximate $ amounts
Individual tax -$160 billion
GST tax- increased by $1.2 billion
What are the two largest areas of expenditure
Welfare and social security
Is the budget in surplus or deficit what does this mean
The budget is in deficit. This means the budget is in debt therefore increasing tax amounts to try and achieve a surplus in the future.
What are the proposed changes to doctors visits
An extra $7 to visit your local GP
