In one country most workers farm, factories are few, and paved roads and electric power reach only some areas. Economists describe this as what kind of economy?

What does the term economic development describe?

What is an economic indicator?

A country reports its literacy rate. What does this economic indicator measure?

What is taxation?

Roads, public schools, courts, and fire departments are usually paid for out of what source of government money?

A shopper buys a jacket and the receipt shows an extra amount added to the marked price and collected for the government. What kind of tax is this?

A worker's pay statement shows an amount taken out of her earnings and sent to the government. What kind of tax is this?

What is government regulation of business?

A government agency inspects food-processing plants and sets safety standards that companies must meet before their products may be sold. This is an example of what?

In one economy, businesses are privately owned and prices are set in markets, but the government regulates and taxes them. What is this combination called?

As an economy develops, the share of workers in agricultural activity usually falls. Which two parts of the economy usually take a larger share of workers?

A bank teller, a nurse, and a bus driver all sell their work rather than a physical product. Which part of the economy do they work in?

A company buys shoes in large quantities straight from factories and sells them to stores rather than to shoppers. What kind of trade is this?

Paved roads, ports, power lines, and clean water systems are together given what name in the study of economic development?

What does the term standard of living describe?

Every economy, whether developed or developing, must choose what to produce. What condition forces those choices?

Setting safety standards a car maker must meet, collecting a share of workers' wages, adding a charge to store sales, charging a fee on imported goods. Which government action is regulation rather than taxation?

What kind of information do economists use to judge a country's level of economic development?

A country has working farms, busy factories, and many service businesses all at the same time. What does that show about its economy?