5th 6 Weeks Quiz

Which is a central characteristic of a free market economy?

• The government owns the means of production

• All wage earners are paid the same amount

• Labor unions are prohibited

• Businesses are driven by the desire of profits

Which group has the greatest influence in determining what goods and services will be produced in a communist economic system?

• Farmers

• Government officials

• Consumers

• Business leaders

Which of the following two methods are production are most commonly associated with a traditional economic system?

• Subsistence agriculture and some trade

• Commercial industry and market oriented agriculture

• Market oriented agriculture and subsistence agriculture

• Cottage industry and commercial industry

In Indonesia, the government owns large industries and sets some prices. However, private businesses are also encouraged and several hundred are actively traded on the Indonesian Stock Exchange. This country’s economy system can best be classified as —

• Traditional

• Free enterprise

• Socialist

• Communist

Why is subsistence farming less efficient than commercial agriculture?

• Subsistence farmers harvest a surplus of crops to be sold for profit

• Subsistence farmers domesticate animals to transport goods

• Subsistence farmers often irrigate crops to increase production

• Subsistence farmers produce just enough food for their family's survival

The images shown are examples of

• Commercial industry and commercial agriculture

• Commercial industry and subsistence agriculture

• Cottage industry and commercial industry

• Mass production and subsistence agriculture

Human gathering and hunting, subsistence agriculture, and barter system are characteristics of a---?

• Free enterprise

• Communist Economy

• Traditional Economy

• Socialist Economy

Which activity from the passage is considered a tertiary economic activity?

• Teaching a college business class

• Constructing solar-heated barns

• Selling goat milk to markets overseas

• Raising goats in order to sell goat milk

Which of these would most likely be shown a map-developed country's quaternary economic sector?

• Locations of natural resources

• Major universities and research institutions

• Transport networks

• Centers of manufacturing and processing

Which of the following economic activities would most likely be shown on a map of a less developed country's primary economic sector?

• Locations of natural resources

• Major universities and research institutions

• Transporation networks

• Centers of manufacturing and processing