Global Economic Sectors and Systems Answers

The US economy is based heavily on __________ sector jobs.

primary

secondary

tertiary

quaternary

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

Jane sells copies of illegally downloaded videos to her friends.

Allen, a middle school student, is paid to mow lawns for his neighbors.

Miguel pays cash for a stack of children’s books at a yard sale.

Erin pays taxes on each paycheck she receives at work.

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

negotiate treaties for

specialize in

avoid

give the government control over

Most modern nations have __________ economies.

traditional

purely free-market

government-planned

mixed

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

Medicare, social security, and income taxes will be withheld from your paycheck as required by law.

Employers must follow workplace safety laws.

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

Employers must follow federal and state minimum wage requirements.

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