Global Economic Sectors and Systems

Question 1

What does comparative advantage have the most influence on?

Revolt · Accepted Answer

specialization

Question 2

Which of the following statements about working in the formal employment sector is false?

Revolt · Accepted Answer

Teenagers under 18 are free to work as many hours per week as they want.

Question 3

Which of the following scenarios would not be considered part of the informal sector?

Revolt · Accepted Answer

Erin pays taxes on each paycheck she receives at work.

Question 4

A mixed economy has strong elements of both __________ and __________ economies.

Revolt · Accepted Answer

market . . . planned

Question 5

The __________ sector of an economy is involved in the acquisition of raw materials.

Revolt · Accepted Answer

primary

Question 6

Nations usually __________ industries and activities in which they have a comparative advantage over other nations.

Revolt · Accepted Answer

specialize in

Question 7

A comparative advantage is the ability of a country to produce a particular good or service at a lower ____________ than another country.

Revolt · Accepted Answer

opportunity cost

Question 8

In which type of economy do the forces of supply and demand typically drive prices?

Revolt · Accepted Answer

a market economy

Question 9

Undocumented workers frequently are part of an economy's informal sector.Please select the best answer from the choices provided

Revolt · Accepted Answer

T

Question 10

In a __________ economy, most businesses are privately owned, but the government regulates utilities, builds roads and bridges, and provides public services, such as bus transportation.

Revolt · Accepted Answer

mixed

Global Economic Sectors and Systems Answers

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