What does the concept of scarcity represent?

unlimited wants and limited needs

What is the best definition of specialization?

Each global region makes certain types of goods.

What is the difference between out-sourcing and off-shoring?

Off-shoring refers to companies that move for cheap labor.

Which factor does not effect the production of resources?

Banks and infrastructure organizations

What is the difference between Subsistence and Commercial Agriculture?

Subsistence is producing enough food for the family.

What is the main difference between Cottage and Commercial Industries?

Commercial Industries produce goods to sell to millions

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Economics

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Economic Systems, Development and Activities

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Questions 15

Answers

1
Who is the founder of Capitalism?
Karl Marx
Adam Smith
Fidel Castro
Thomas Jefferson
2
What does the concept of scarcity represent?
limited needs and wants
unlimited wants and limited needs
unlimited wants and unlimited needs
limited wants and limited needs
3
Which of the following countries do not have a mixed economy?
Cuba and USA
Sweden and Israel
France and Canada
N.Korea and Australia
4
In a traditional economy what factor influences its success?
government and military control
customs and tradition
risk and profit
supply and demand
5
Secondary activities are focused on...........
Extracting Oil and Coal
Customer Service
Computer Programming
Carving lumber for furniture
6
What is the best definition of specialization?
Each global region exports all goods
Each global region imports all goods.
Each global region makes certain types of goods.
Each global region has free trade zones.
7
Which of the following countries does not support communism?
Russia and N. Korea
Cuba and Laos
Germany and Japan
Vietnam and China
8
What is the difference between out-sourcing and off-shoring?
Outsourcing refers to companies refusing to hire others.
Off-shoring refers to companies that hire others to do work
Outsourcing refers to companies that move for cheap labor.
Off-shoring refers to companies that move for cheap labor.
9
Who is the founder of Socialism?
Albert Einstein
Karl Marx
Benjamin Franklin
Adam Smith
10
Which factor does not effect the production of resources?
Climate, natural resources, and geography
Banks and infrastructure organizations
Human resources including labor force
Capital resources including machines and tools
11
What is the difference between Subsistence and Commercial Agriculture?
Subsistence agriculture produces goods for others.
Subsistence is producing enough food for the family.
There is no difference between Subsistence and Commerical
Commercial Agriculture produces goods for their family.
12
What does globalization create?
Converging global economies
Discrimination and racism
Big gaps in Social Mobility
Diverging global economies
13
What is the main difference between Cottage and Commercial Industries?
Commercial Industries make hand made goods for the village.
Cottage Industries make goods for big corporations.
Commercial Industries produce goods to sell to millions
Cottage Industries sell goods to major corporations.
14
What indicators do not describe the Human Development Index?
GDP and GDP per capita
borders and boundaries
Literacy Rates and democracy
Birth Rate and Death Rate
15
Which Economic activity represents the best Economic Job?
Quaternary- Teacher
Tertiary- Nurses
Primary- Carpenter
Secondary- Managers

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