Economic Systems

Question 1

An economy with a high proportion of the labour force employed in rural agricultural production is considered developed.

Accepted Answer

False

Question 2

Which of these characteristics would you NOT expect in a planned economy?

Accepted Answer

Prices are set by the interaction between businesses and consumers

Question 3

Which type of economic system is found only in geographically isolated pockets of the world today?

Accepted Answer

Traditional

Question 4

An economy with sophisticated capital and technology is considered developed.

Accepted Answer

True

Question 5

An economy with a low proportion of the labour force employed in rural agricultural production is considered developed.

Accepted Answer

True

Question 6

An economy with a life expectancy of around 50 years or lower is considered developed.

Accepted Answer

False

Question 7

An economy with a high infant mortality rate would generally be considered as a developing economy.

Accepted Answer

True

Question 8

In which economic system would you expect to find an absence of money?

Accepted Answer

Traditional

Question 9

In which of these economic systems would you find private ownership of property and resources

Accepted Answer

Market and mixed market

Question 10

In which of these economic systems would you expect the profit motive to act as the main incentive for business?

Accepted Answer

Market and mixed market

Question 11

In which two economic systems was there no government intervention?

Accepted Answer

Traditional and market

Question 12

An economy where a high proportion of the labour force is employed in the service sector is considered developed.

Accepted Answer

True

Question 13

An economic system that uses barter is......

Accepted Answer

Traditional

Question 14

An economic system where the government owns all resources is....

Accepted Answer

Planned

Question 15

Which type of economic system was based loosely aorund the ideals of Karl Marx?

Accepted Answer

Planned

Questions 15