SSC
GENERAL ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is likely to improve Australia’s competitiveness in the global economy?
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increased spending on transport infrastructure in Australia
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an appreciation of the Australian dollar
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low inflation in the major countries in the European Union
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a change in the industrial relations system in Australia toward more centralised wage determination
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Explanation:
Detailed explanation-1: -Australia has strong competitive advantages in its skills, research base, political and legal institutions and high standards of living. Technological innovation can enable the opportunities from these strengths to be harnessed. Productivity is a key driver of prosperity, economic growth and living standards.
Detailed explanation-2: -Global ties help make our nation prosperous. Our success comes from being an open and adaptable trading nation that is deeply connected to the global economy. Trade contributes over 40% of Australia’s GDP, with services and digital trade emerging as important areas of trade growth.
There is 1 question to complete.