Which statement best describes Australia's global economic standing?

• A. Australia is one of the world's largest economies, ranking among the top 15 by nominal GDP.
• B. Australia is a major exporter of manufactured goods and relies little on natural resources.
• C. Australia is primarily an agricultural economy with little involvement in global trade.
• D. Australia has a low per capita income compared to most developed countries.

Answer: (A)

Verified step by step guidance

1. Step 1: Understand the key economic indicators used to describe a country's global economic standing, such as nominal GDP, export composition, and per capita income.
2. Step 2: Recognize that nominal GDP ranking indicates the size of an economy in terms of total market value of goods and services produced, which helps identify if a country is among the largest economies.
3. Step 3: Analyze Australia's economic profile: it is known for significant natural resource exports rather than primarily manufactured goods, so statements about being a major exporter of manufactured goods or relying little on natural resources are less accurate.
4. Step 4: Consider Australia's level of development and income: Australia is a developed country with relatively high per capita income, so statements about low per capita income are incorrect.
5. Step 5: Conclude that the statement describing Australia as one of the world's largest economies, ranking among the top 15 by nominal GDP, best captures its global economic standing.