Global Economic Sectors and Systems Answers

Unregulated businesses, undocumented cash payments, coerced labor, and bartering are part of the __________ sector. A. informal B. primary C. formal D. quinary Please select the best answer from the choices provided.

Who or what manages the economy and determines production in a planned economy? A. a tribal leader B. the forces of supply and demand C. an elected committee of experts D. the government Please select the best answer from the choices provided.

Using complete sentences, give at least three reasons why tracking the informal sector of an economy is difficult.

Read the passages below and answer the question that follows. John loves to sleep late in the morning. He also knows that school is important. This morning, John chose to wake up and get to school on time. In doing this, he gave up the opportunity to sleep in. The opportunity cost of John's choice to go to school is two or three hours of sleep. Ana loves to go camping with her family and is looking forward to their trip next weekend. Ana learns that her good friend is having a sleepover birthday party the same Saturday as the trip. For Ana, what would be the opportunity cost of going to her friend's party? Why?

According to the lecture, 75% of US jobs are focused on providing services. This means they are in the __________ sector of the economy. A. primary B. secondary C. tertiary D. quinary Please select the best answer from the choices provided.

Jobs that involve creating something out of raw materials, like constructing new homes, are part of the __________ sector of the economy. A. primary B. secondary C. tertiary D. quaternary Please select the best answer from the choices provided.

Why might an economist think that some jobs categorized as quaternary-sector jobs could be included in the tertiary sector?

Which of the following groups is the least likely to work in the informal sector of the economy? A. women B. men C. children D. elderly people Please select the best answer from the choices provided.

Using complete sentences, give at least two reasons why many women throughout the world work in the informal, rather than the formal, economic sector.

Explain why no modern nations have a purely free-market economy.