Deck 1: The Changing World Economy

Question 1

Which of the following is NOT usually referred to as a "factor of production"?

A) Land
B) Water
C) Capital
D) Labour

Answer 1

B

Question 2

A "subsistence" economy is one in which:

A) Long-distance trade is absent
B) long-distance trade is absent and most production is for local use
C) production is based only on local resources
D) consumption is based entirely on local resources

Answer 2

B

Question 3

Which "type" of capitalism was most characteristic of the world economy in the mid-twentieth century:

A) Competitive
B) globalized
C) organized
D) laissez faire

Answer 3

C

Question 4

What is a "spatial division of labour"?

A) Different industries and phases of production are located in different places and countries
B) different industries are spread around
C) most places specialize in something
D) labour is mixed by skill level everywhere

Question 5

Technology systems have been important in making the modern world economy. Each system requires different resources, labour forces, and organization. Becoming "locked in" to a given system can become disadvantageous. Detroit is a case in point. Which system did Detroit become locked into?

A) Steam transport
B) steel and electricity
C) Fordist
D) water