What is the main difference between Cottage and Commercial Industries?

Commercial Industries produce goods to sell to millions

What is the best definition of specialization?

Each global region makes certain types of goods.

What is the difference between Subsistence and Commercial Agriculture?

Subsistence is producing enough food for the family.

What does the concept of scarcity represent?

unlimited wants and limited needs

Which factor does not effect the production of resources?

Banks and infrastructure organizations

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

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

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Economics

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Economic Systems, Development and Activities

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Questions 15

Answers

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

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