Economics Part 3

Multiple Choice

Which of the following best describes a mixed economy?

• An economy where all decisions are made by the government.

• An economy that operates without any government intervention.

• An economy that incorporates elements of both market and command economies.

• An economy where decisions are made solely through market forces without any regulation.

Multiple Choice

processing, distribution, financing and development of agricultural products and resources including food, wood products

• Agriculture, Food & Natural Resources
• Architecture & Construction
• Arts, Audio/Video Technology & Communications
• Business Management & Administration

Multiple Choice

What is subsistence agriculture primarily focused on?

• Growing crops for sale

• Meeting the needs of families

• Using advanced technology

• Exporting goods

Multiple Choice

Labor refers to...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• The "gifts of nature" or natural resources not created by human effort.

Multiple Choice

What is the main goal of commercial agriculture?

• To produce food for personal consumption

• To maximize profit

• To promote sustainable farming

• To reduce agricultural land use

Multiple Choice

What is the primary purpose of commercial agriculture?

• To generate income through the sale of agricultural products

• To provide food for local communities

• To promote sustainable farming practices

• To preserve traditional farming methods

Multiple Select

Economic resources that help people be more productive are:

• human resources

• natural resources

• capital goods resources

• nonrenewable resources

Multiple Choice

What are the main differences between Cottage Industries and Commercial Industries?

• Cottage Industries focus on mass production

• Commercial Industries produce handmade goods

• Cottage Industries are local and handmade

• Commercial Industries are small-scale

Multiple Choice

What is a cottage industry?

• An industry where products are created at home

• An industry where products are created in small shops

• An industry where products are mass-produced in factories

• An industry where products are imported from other countries

Multiple Choice

What are some examples of cottage industries mentioned in the image?

• Weaving, embroidery, or textile handcrafts

• Pottery or ceramics

• Basket-making

• All of the above

Multiple Choice

What are the main focuses of commercial industries?

• Mass production

• Local production

• Artisan goods

• Sustainability

Multiple Choice

What are the key features of commercial industries?

• Large-scale production

• Advanced technology & machinery

• Division of labor

• All of the above

Multiple Choice

Nuclear accident at Chernobyl in the former Soviet Union Dumping of toxic waste in the ocean Cutting down the rain forest in Africa and South America

Which conclusion can be drawn from these situations?

• Environmental problems need global solutions.

• The fall of the Soviet Union has caused severe environmental hazards.

• Technology has helped the world stop polluting the environment

• Only nations that create environmental problems will suffer from them.