Barriers to Economic Growth — Unit test Answers

Which of the following statements about the economies of the world is false? A. The US economy is the largest in the world when measured per country. B. Four of the top five economies, measured in GDP per person, are located in Europe. C. The bottom five economies, measured in GDP per person, are located in Africa. D. The US economy is the largest in the world when measured in GDP per person. Please select the best answer from the choices provided.

According to Walt Rostow's modernization model, a country becomes developed when __________. A. it becomes agriculturally self-sufficient B. it mobilizes capital for business investments, thereby increasing its exports C. it has a high literacy rate and widespread access to education for people of all social classes D. it has an economy based on the production of goods and services demanded by the global economy Please select the best answer from the choices provided.

How much of the United States female population works outside of the home? A. half B. two-thirds C. three-quarters D. one-third Please select the best answer from the choices provided.

Creating export processing zones, passing tax laws that favor businesses, and encouraging outsourcing __________. A. are actions NGOs can take to benefit growing economies B. are typical ways in which the US helps other nations' economies C. are ways that have helped developing economies to grow D. have not been successful in fostering economic success Please select the best answer from the choices provided.

What effect do tax incentives have on economic development? A. Tax incentives have no impact on economic development. B. Tax incentives only allow the rich to get richer and the poor to get poorer. C. Tax incentives encourage international trade of human or physical resources. D. Tax incentives only affect economic development when a nation creates an important technology. Please select the best answer from the choices provided.

All of the following are examples of unpaid labor, except __________. A. cooking for one’s own family B. cleaning the house of a wealthy family for small wages C. taking care of one’s children or elderly family members D. working in the family vegetable garden Please select the best answer from the choices provided.

All of the following jobs could be placed in the quinary economic sector except __________. A. a firefighter B. a corporate chief executive officer C. a worker in a unionized auto factory D. a school teacher Please select the best answer from the choices provided.

The next best alternative given up when making a choice is called the __________. A. opportunity cost B. comparative advantage C. primary objective D. negative consequence Please select the best answer from the choices provided.

What was the foundation on which Western culture was built?

A pure market economy is sometimes called pure

Underdeveloped nations do not exploit girls and women to make money. Please select the best answer from the choices provided.

Political instability often leads to economic instability, which leads to more political instability. This creates a vicious cycle. Please select the best answer from the choices provided.

How do export processing zones help overcome barriers to economic development? A. They increase costs for developing countries. B. They only help wealthy nations become wealthier. C. They help increase job growth in developing nations. D. They organize doctors to provide healthcare in developed nations. 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?

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