HSC Economics Topic 2 Australia's Place in the Global Economy quiz quiz

Goods balance

Services balance

Primary income balance

Net foreign direct investment

A surplus on the capital and financial account

A goods trade surplus

Drawing down RBA foreign reserves

A primary income surplus

The ratio of imports to exports

The ratio of export prices to import prices, expressed as an index

The annual change in the AUD-USD exchange rate

The current account balance as a percentage of GDP

1971

December 1983

1995

2008

Cause the AUD to depreciate

Lift the goods balance and tend to narrow the current account deficit

Have no effect on the Budget balance

Reduce real national income

All of it is owed to the Australian government

Most of it is denominated in AUD or hedged, and the private sector borrowing is supervised by APRA

Australia exports more than it imports every quarter

The RBA buys all foreign debt outright

A bilateral agreement between Australia and the United States

A 15-economy regional trade agreement that includes Australia, China and ASEAN, in force from 2022

A multilateral WTO round launched in 2001

An IMF lending facility for Asia-Pacific economies

The Reserve Bank Act 1959 (Cth)

The Banking Act 1959 (Cth)

The Foreign Acquisitions and Takeovers Act 1975 (Cth)

The Corporations Act 2001 (Cth)

The fall in the AUD whenever the cash rate is cut

The initial worsening, then improvement, of the trade balance following a currency depreciation

The shape of the Phillips curve in Australia

The relationship between the Budget deficit and GDP

Wheat

Iron ore

Wool

Motor vehicles