2B Review

subsistence agriculture is ...

• Farming for commercial purposes
• Farming for recreational purposes
• Farming for environmental conservation
• Farming for survival

What type of Nation does the family live in?

• developed nation

• newly industrialized nation

• less developed nation

 Which of the following describes the economy of a more developed country? Select TWO

       correct answers.

• transforms natural resources into goods

• relies on subsistence agriculture

• has a strong infrastructure

• does not have a varied economy

• has low per capita income

 Which of the following would contribute to a country’s ranking on the Human Development Index?

• Population size, land area, and natural resources.
• Life expectancy, education level, and income per capita.
• GDP growth rate, unemployment rate, and inflation rate.
• Political stability, military strength, and international influence.

supply and demand ...

• is not influenced by consumer preferences.

• only applies to goods, not services.

• relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy

• the same as price and quantity.

Free enterprise...

• An economic system where individuals and businesses have limited freedom to own and control their own property and resources.
• An economic system where the government controls all property and resources.
• An economic system where individuals and businesses have no control over their own property and resources.
• individuals and businesses have the freedom to own and control their own property and resources

Communism...

• Communism is a economic ideology that allows the government to have full control of products.

• Communism is a social movement that promotes individualism and personal freedom.
• Communism is a religious belief system that worships nature and animals.
• Communism is a form of government where a single ruler has absolute power.

Socialism...

• An economic and political system where the means of production, distribution, and exchange are owned and regulated by private individuals.

• An economic and political system where the means of production, distribution, and exchange are owned and regulated by corporations.
• An economic and political system where the means of production, distribution, and exchange are owned and regulated by the community as a whole.

• An economic and political system where the means of production, distribution, and exchange are owned and regulated by the government.

Traditional economics...

• Traditional economics is based on the assumption that individuals always act rationally.

• Traditional economics is based on old school customs and trading.

• Traditional economics focuses solely on monetary factors and ignores social and environmental considerations.
• Traditional economics believes that markets are always efficient and self-regulating.

A country where the highest ranking official is both a political and religious leader would be an example of which type of government?

• totalitarian

• democracy

• theocracy

• dictatorship