Global Economic Sectors and Systems Answers

Which of the following statements about working in the formal employment sector is false? A. Medicare, social security, and income taxes will be withheld from your paycheck as required by law. B. Employers must follow workplace safety laws. C. Teenagers under 18 are free to work as many hours per week as they want. D. Employers must follow federal and state minimum wage requirements. Please select the best answer from the choices provided.

Which of the following scenarios would not be considered part of the informal sector? A. Jane sells copies of illegally downloaded videos to her friends. B. Allen, a middle school student, is paid to mow lawns for his neighbors. C. Miguel pays cash for a stack of children’s books at a yard sale. D. Erin pays taxes on each paycheck she receives at work. Please select the best answer from the choices provided.

Informal labor is part of every country's economy.Please select the best answer from the choices provided.

Most modern nations have __________ economies. A. traditional B. purely free-market C. government-planned D. mixed Please select the best answer from the choices provided.

Nations usually specialize in industries where they have a

In a __________ economy, most businesses are privately owned, but the government regulates utilities, builds roads and bridges, and provides public services, such as bus transportation. A. market B. planned C. mixed D. traditional Please select the best answer from the choices provided.

A mixed economy has strong elements of both __________ and __________ economies. A. planned . . . traditional B. market . . . planned C. market . . . traditional D. planned . . . command Please select the best answer from the choices provided.

A comparative advantage is the ability of a country to produce a particular good or service at a lower ____________ than another country. a. opportunity cost b. production cost c. absolute advantage d. manufacturing advantage Please select the best answers from the choices provided.

What does comparative advantage have the most influence on?

In which type of economy do the forces of supply and demand typically drive prices? A. a market economy B. a traditional economy C. a planned economy D. a command economy Please select the best answer from the choices provided.