Final Quiz - General Economics - Unit IV

What is economic growth primarily measured by?

• Gross Domestic Product (GDP)

• Inflation Rate

• Unemployment Rate

• Interest Rate

Which country is given as an example of using 54% renewable energy for sustainability?

• China

• Sweden

• India

• Brazil

What is the definition of a classless society?

• A society with hierarchical class distinctions

• A society without hierarchical class distinctions

• A society with economic inequality

• A society with centralized ownership

What does 'innovation' combine according to the memorization tip?

• Invention + Improvement

• Growth + Stability

• Efficiency + Profit

• Sustainability + Equality

What is the definition of "Fair Wages"?

• Compensation that ensures workers can meet their basic living needs and reflects the value of their labor.

• An economic approach focused on localized production, consumption, and decision-making.

• A balanced approach that combines market efficiency with broader social and ethical goals.

• A system of voluntary cooperation where resources and services are exchanged for mutual benefit.

Which term describes an economic model that emphasizes equitable resource distribution and democratic decision-making?

• Market Pragmatism

• Participatory Economy

• Social Capital

• Subsidiarity

What is "Mutual Aid"?

• Ownership of resources or enterprises by the government on behalf of the public.

• A system of voluntary cooperation where resources and services are exchanged for mutual benefit.

• The transfer of resources from wealthier individuals to those with fewer resources to reduce inequality.

• The ability of a system or process to expand effectively without losing functionality.

What does "Social Cohesion" refer to?

• The networks and relationships that enable collective action and cooperation within a community.

• The sense of trust, belonging, and shared values that bind members of a society together.

• Mutual support and unity among individuals or groups working toward shared goals.

• A principle that decisions should be made at the most local level capable of addressing them effectively.

What is the role of "Ownership Equity"?

• Fair distribution of ownership rights and benefits among all stakeholders.

• Resources used to create economic value, such as land, labor, and capital.

• Ownership of resources or enterprises by the government on behalf of the public.

• A system where employees own a share of the company and have a say in its decision-making processes.

What is the focus of Assets-Based Community Development (ABCD)?

• Increasing government intervention

• Mobilizing existing community strengths

• Reducing social capital

• Limiting natural resources