Economic Systems Test Review

Less Developed countries

• Have high per capita GDPs.

• Have high literacy rates

• Are the world's poorer countries

• Are the richest countries

What does GDP mean?

• Gross Domestic Progress

• Great Depression Products

• Gross Developing Productivity

• Gross Domestic Product

Which is the best explanation of Standard of Living?

• Measure of GDP of a country

• A measure of quality of life and material prosperity of a country.

• A measure of total health of a country

• A measure of total wealth of a country

Sierra Leone has a life expectancy at birth of 51 years, adult literacy is at 48.2% and a GDP of $1,600. How would you classify this country?

• Less developed country

• More developed country

• Highly advanced society

• Less advanced society

Which of the following are all examples of primary economic activities?

• Farming, mining and manufacturing

• Farming, fishing, and mining

• Manufacturing, providing services, and processing information.

• Mining, manufacturing, and fishing

What type of economic activity do coal miners perform?

• Primary

• Secondary

• Tertiary

What type of economic activity do teachers perform?

• Primary

• Secondary

• Tertiary

Which level of economic activity uses raw materials to make something new?

• Primary Economic Activity

• Secondary Economic Activity

• Tertiary Economic Activity

Businesses, industries, and resources are all privately owned in a

• Free Market

• Command Market

• Mixed Market

If a government:

● makes all the economic decisions;

● controls all of the resources,

● does not allow competition,

● decides what an individual's job is,

● decides what businesses produce

● and decides what price to sell goods for

What type of economic system would it have?

• Capitalism

• Communism

• Monopoly

• Socialism