GEB Chapter 2 Questions and Correct Solutions 2024

GEB Chapter 2 Questions and Correct Solutions 2024 In terms of economic systems, the trend has been for: a) countries to remain primarily within the economic system the country has in place. b) countries that are mostly socialist to move toward communist systems. c) countries that are mostly capitalist to move toward more socialism. d) countries that are capitalist to move toward communism. - Answer -c Socialist systems tend to: a) have relatively low tax rates. b) discourage the best from working as hard as they can. c) keep up with countries like the U.S. in the areas of job and wealth creation. d) encourage innovation. - Answer -b The way in which a country's resources are utilized to produce goods and services and the way those goods and services are distributed among those who desire to have them depends upon the ______________. a) economic system under which the country operates b) stage of development of those resources c) number of documented economically disadvantaged persons in the nation d) availability of tangible versus intangible resources - Answer -a The U.S. unemployment rate is a key economic indicator because most of us need jobs to maintain our standard of living. A criterion used to calculate the unemployment rate is _________. a) anyone under the age of 60 who does not have a job and lives within the physical borders of the U.S. b) persons who were dismissed from their last job, and subsequently have been out of work for over a year c) unemployed persons age 16 and over, who have been l