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HSC Economics Topic 1 Globalisation deep-dive quiz quiz

10questions. Pick an answer and you'll see why right away.

  1. Which economist developed the theory of comparative advantage?

  2. Country A can produce 100 cars or 200 wheat per worker per year. Country B can produce 60 cars or 180 wheat. Which country has a comparative advantage in cars?

  3. Which of the following is the primary economic cost of a tariff on imports?

  4. The World Trade Organization (WTO):

  5. Australia's average tariff has fallen from around 36 percent in the early 1970s to approximately:

  6. Which institution provides emergency balance-of-payments lending, often with conditional structural reform?

  7. A depreciation of the Australian dollar is most likely to:

  8. Which agreement, in force since 2022, is the largest free trade agreement by economic output and includes Australia?

  9. The term 'slowbalisation' refers to:

  10. Which statement best distinguishes foreign direct investment (FDI) from portfolio investment?