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Economy And Globalization
Test Description: About economy and globalization
Instructions: Answer all questions to get your test result.
1) Which is a central characteristic of a free market economy?
A
the government owns the means of production
B
labor unions are prohibited
C
all wage earners are paid the same amount
D
businesses are driven by the desire for profits
2) In which economic system would you expect the widest selection of consumer goods?
A
free enterprise
B
socialist
C
communist
D
tradtional
3) In a traditional economy, information about the ways goods are produced is passed from one generation to the next by
A
public schools
B
government
C
family
D
legal system
4) Which is a major feature of an economy based on subsistence agriculture?
A
farmers raise just enough crops for their own family
B
the government decides which crops will be grown
C
most adults work outside the home
D
farmers compete with each other
5) Which group has the greatest influence in deciding which goods and services will be produced in a communist economy?
A
farmers
B
government officials
C
consumers
D
business leaders
6) An essential characteristic of a communist economy is the
A
organization of worker unions
B
government ownership of property
C
privatization of business
D
interaction of supply and demand
7) Economic development refers to
A
The size of a nation's population
B
how advanced an economy is
C
the number of baby's that die each year in a nation
D
How many jobs a nation has
8) A more developed nation will have all of the following except
A
high literacy rate
B
long life expectancy
C
low infant mortality rate
D
a low GDP per Capita
9) In a less developed nation you will find mostly
A
CEO's of major companies
B
commerical agriculture
C
subsistence agriculture
D
tertiary activities
10) All of the following are examples of primary industries except
A
Drilling for oil in the Middle East
B
Canning factory in the US
C
Agriculture in the Midwest US
D
Fishing in the Pacific
11) Which of the following is an example of a secondary industry?
A
A teacher teching a class
B
Pencils being made in a factory
C
A comapny manager keeping records of store sales
D
Fish being caught in the Atlantic
12) Which type of economic activity would most likely be found in a newly industrialized country with commerical industry?
A
primary
B
quaternary
C
secondary
D
tertiary
13) Which is a charcteristic of a less developed nation?
A
high GDP per Capita
B
long life expectancy
C
high infant mortality rate
D
high literacy rate
14) Globalization is
A
the creation of a single global economy and community
B
the creation of a new economic activity
C
a trend in the stock market
D
the development of new class systems
15) Natural resources include all of the following except
A
population
B
trees
C
water
D
fish
16) Infrastructure includes all except
A
population and natural resources
B
bridges and roads
C
building and trains
D
communication lines and factories
17) The problem of scarcity is
A
not a problem more developed nations face
B
people having unlimited wants and limited resources
C
the development of new ideas
D
people have unlimited resources and limited wants
18) Which economic system allows people more freedom and choice?
A
communist
B
traditional
C
socialist
D
free enterprise
19) Supply refers to
A
how many factories are located in a nation
B
how much buyers desire a good
C
the amount people want it
D
how much of a good producers have made
20) Demand refers to
A
how much consumers are willing to buy
B
how much of a good producers have made
C
how many stores a nation has
D
how many factories are located in a nation
*select an answer for all questions
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