Global Economic Sectors and Systems

A comparative advantage is the ability of a country to produce a particular good or service at a lower ____________ than another country. a. opportunity cost b. production cost c. absolute advantage d. manufacturing advantage Please select the best answers from the choices provided.

A

Nations usually specialize in industries where they have a A.comparative advantage. B.quaternary sector. C.secondary sector. D.primary objective.

A

A mixed economy has strong elements of both __________ and __________ economies. A. planned . . . traditional B. market . . . planned C. market . . . traditional D. planned . . . command Please select the best answer from the choices provided.

B

Nations usually __________ industries and activities in which they have a comparative advantage over other nations. A. negotiate treaties for B. specialize in C. avoid D. give the government control over Please select the best answer from the choices provided.

B

The following statements describe a certain country's economy. What type of economy does this country have? I. Most citizens farm at the subsistence level. II. Citizens barter with each other for needed items. III. Doctors and professionals often accept food or other goods in exchange for services. A. a market economy B. a traditional economy C. a planned economy D. a mixed economy Please select the best answer from the choices provided.

B

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. A. market B. planned C. mixed D. traditional Please select the best answer from the choices provided.

C

Most modern nations have __________ economies. A. traditional B. purely free-market C. government-planned D. mixed Please select the best answer from the choices provided.

D

What does comparative advantage have the most influence on? A.capital B.labor C.resources D.specialization

D

Which of the following scenarios would not be considered part of the informal sector? A. Jane sells copies of illegally downloaded videos to her friends. B. Allen, a middle school student, is paid to mow lawns for his neighbors. C. Miguel pays cash for a stack of children's books at a yard sale. D. Erin pays taxes on each paycheck she receives at work. Please select the best answer from the choices provided.

D

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

True