Global Economic Sectors and Systems

Question 1

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

Revolt · Accepted Answer

market . . . planned

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

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 4

Most modern nations have __________ economies.

Revolt · Accepted Answer

mixed

Question 5

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 6

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

Revolt · Accepted Answer

a market economy

Question 7

What does comparative advantage have the most influence on?

Revolt · Accepted Answer

specialization

Question 8

The US economy is based heavily on __________ sector jobs.

Revolt · Accepted Answer

tertiary

Question 9

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

Revolt · Accepted Answer

specialize in

Question 10

Nations usually specialize in industries where they have a

Revolt · Accepted Answer

comparative advantage.

Global Economic Sectors and Systems Answers