Globalization of Economics

Question 1

The uneven distribution of productive resources leads countries to do what?

Accepted Answer

specialization in production

Question 2

Which of the following is NOT a fundamental economic question asked by every society?

Accepted Answer

Why should it be produced?

Question 3

Government ownership of all property is a characteristic of what type of economic system?

Accepted Answer

communist

Question 4

The total of new new goods and services made in a nation in one year is known as its what?

Accepted Answer

gross domestic product

Question 5

Many of the world's countries today have what type of economy?

Accepted Answer

mixed

Question 6

In a free enterprise system, companies decide what to make based on what?

Accepted Answer

consumer wants and demands

Question 7

Those things that people produce or provide for others are known as what?

Accepted Answer

goods and services

Question 8

The best place for a company to locate its production or processing facility is near the what?

Accepted Answer

natural resources

Question 9

Characteristics of a less developed country are....

Accepted Answer

high mortality rate and short life expectancy

Question 10

An important reason why countries and regions specialize is because they have different what?

Accepted Answer

productive resources

Question 11

An occupation where people produce enough to meet there needs is...

Accepted Answer

subsistence farming

Question 12

Information processing and management are examples of what type of economic activities?

Accepted Answer

quaternary

Question 13

An example of a tertiary economic activity is...

Accepted Answer

plumbing

Question 14

An example of a country that favors the free enterprise system would be...

Accepted Answer

Brazil

Question 15

The interaction of what determines the price of goods in free enterprise?

Accepted Answer

supply and demand

Question 16

Central planners determine the distribution of goods and services in what economic system?

Accepted Answer

communist

Question 17

Which of the following is NOT a negative aspect of globalization?

Accepted Answer

economic development

Question 18

A major reason companies outsource production to less developed countries is because they...

Accepted Answer

have a large supply of inexpensive labor

Question 19

Producers invest their money to make a what?

Accepted Answer

profit

Question 20

Which of the following are indicators of development measured by the Human Development Index?

Accepted Answer

demographic and social

Questions 20