SS9: T3 ETA REVIEWER

The industry sector primarily focuses on:

• Providing raw materials for production

• Selling products to consumers

• Offering financial services

• Manufacturing and processing goods

A reason why people engage in the informal sector is:

• It requires high investment and legal documents

• It guarantees long-term job security

• It offers quick income with fewer regulations

• It is primarily based on technology and automation

A key feature of the service sector is that it mainly provides:

• Physical goods

• Customer experiences and expertise

• Raw materials for production

• Machinery and tools

This sector is responsible for farming, fishing, and livestock production:

• Industry

• Service

• Agriculture

• Informal

What is the primary role of firms in the circular flow model?

• Provide labor and consume goods

• Collect taxes and create public policies

• Control money supply and interest rates

• Produce goods and services for households

How do households contribute to the economy in the circular flow model?

• By supplying labor and consuming goods and services

• By producing and selling final products

• By setting market prices and wages

• By regulating industries and setting trade policies

What is the role of government in the circular flow model?

• Acting as a supplier of goods and services only

• Buying and selling goods like a private firm

• Collecting taxes and providing public services

• Only participating in the output market

Which economic measure includes the total value of goods and services produced by a country’s residents, both domestically and abroad?

• Gross Domestic Product (GDP)

• Economic Growth

• Economic Development

• Gross National Product (GNP)

Which indicator measures only the total value of goods and services produced within a country's borders?

• Gross National Product (GNP)

• Economic Growth

• Gross Domestic Product (GDP)

• Economic Development

What term refers to the increase in a country’s output of goods and services over time?

• Gross Domestic Product (GDP)

• Economic Growth

• Gross National Product (GNP)

• Economic Development