Since the 1970s, Australia's Imports and Exports Have Both Grown

question 40

Multiple Choice

Since the 1970s, Australia's imports and exports have both grown from less than ________ of GDP, to approximately ________ of GDP by 2016.

• A)10%; 15%
• B)15%; 20%
• C)20%; 30%
• D)40%; 50%

---

Definitions:

Market Price

The current price at which an asset or service can be bought or sold in a open market.

Variable Costs

Variable costs are those expenses that change in proportion to the volume of goods or services that a business produces.

Cost Driver

A factor that influences or contributes to the expense of certain business operations or activities.

Support Department

Units within an organization that provide essential services or assistance to revenue-generating departments but do not directly generate revenue themselves.