Economy And Globalization: Question Preview (ID: 18996)

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Which is a central characteristic of a free market economy?
a) the government owns the means of production
b) all wage earners are paid the same amount
c) labor unions are prohibited
d) businesses are driven by the desire for profits

In which economic system would you expect the widest selection of consumer goods?
a) free enterprise
b) tradtional
c) socialist
d) communist

In a traditional economy, information about the ways goods are produced is passed from one generation to the next by
a) legal system
b) family
c) public schools
d) government

Which is a major feature of an economy based on subsistence agriculture?
a) most adults work outside the home
b) farmers compete with each other
c) farmers raise just enough crops for their own family
d) the government decides which crops will be grown

Which group has the greatest influence in deciding which goods and services will be produced in a communist economy?
a) government officials
b) farmers
c) consumers
d) business leaders

An essential characteristic of a communist economy is the
a) interaction of supply and demand
b) organization of worker unions
c) privatization of business
d) government ownership of property

Economic development refers to
a) How many jobs a nation has
b) how advanced an economy is
c) The size of a nation's population
d) the number of baby's that die each year in a nation

A more developed nation will have all of the following except
a) a low GDP per Capita
b) long life expectancy
c) low infant mortality rate
d) high literacy rate

In a less developed nation you will find mostly
a) commerical agriculture
b) tertiary activities
c) subsistence agriculture
d) CEO's of major companies

All of the following are examples of primary industries except
a) Fishing in the Pacific
b) Canning factory in the US
c) Drilling for oil in the Middle East
d) Agriculture in the Midwest US

Which of the following is an example of a secondary industry?
a) Pencils being made in a factory
b) Fish being caught in the Atlantic
c) A teacher teching a class
d) A comapny manager keeping records of store sales

Which type of economic activity would most likely be found in a newly industrialized country with commerical industry?
a) primary
b) secondary
c) tertiary
d) quaternary

Which is a charcteristic of a less developed nation?
a) high literacy rate
b) long life expectancy
c) high infant mortality rate
d) high GDP per Capita

Globalization is
a) a trend in the stock market
b) the development of new class systems
c) the creation of a new economic activity
d) the creation of a single global economy and community

Natural resources include all of the following except
a) trees
b) population
c) fish
d) water

Infrastructure includes all except
a) population and natural resources
b) bridges and roads
c) building and trains
d) communication lines and factories

The problem of scarcity is
a) people having unlimited wants and limited resources
b) not a problem more developed nations face
c) people have unlimited resources and limited wants
d) the development of new ideas

Which economic system allows people more freedom and choice?
a) free enterprise
b) traditional
c) communist
d) socialist

Supply refers to
a) how much buyers desire a good
b) how much of a good producers have made
c) how many factories are located in a nation
d) the amount people want it

Demand refers to
a) how much consumers are willing to buy
b) how much of a good producers have made
c) how many factories are located in a nation
d) how many stores a nation has

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