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Economic Development and Sectoral Composition Quiz

#1

Which sector is primarily concerned with the extraction of raw materials?

Primary sector
Explanation

Extraction of raw materials.

#2

What is the main focus of the tertiary sector in the economy?

Service provision
Explanation

Providing services.

#3

What is the primary goal of economic development?

Improving the standard of living
Explanation

Enhancing living standards.

#4

Which economic system is characterized by private ownership of the means of production and market-based allocation of resources?

Capitalism
Explanation

Private ownership and market-based resource allocation.

#5

What is the main objective of a fiscal policy?

Influencing the overall economy
Explanation

Influencing the economy.

#6

What is the term for the value of a country's exports minus its imports?

Trade balance
Explanation

Exports minus imports.

#7

Which economic indicator is used to measure the overall health of an economy?

Gross Domestic Product (GDP)
Explanation

Overall economic health.

#8

Which of the following is not a characteristic of a developed economy?

Limited infrastructure
Explanation

Not having limited infrastructure.

#9

In economic terms, what is inflation?

Increase in the overall price level
Explanation

Rise in overall prices.

#10

Which sector is responsible for transforming raw materials into finished goods?

Secondary sector
Explanation

Transforming raw materials into finished goods.

#11

In the context of economic development, what does the term 'Human Development Index (HDI)' measure?

Quality of life
Explanation

Measure of quality of life.

#12

Which economic model suggests that a country should specialize in the production of goods and services in which it has a comparative advantage?

Comparative advantage
Explanation

Specialization based on comparative advantage.

#13

What does the term 'BRIC' refer to in the context of emerging economies?

Brazil, Russia, India, China
Explanation

Emerging economies: Brazil, Russia, India, China.

#14

Which economic concept represents the total market value of all goods and services produced within a country in a specific time period?

Gross Domestic Product (GDP)
Explanation

Total market value of goods and services produced.

#15

Which of the following is a measure of income distribution within a population?

Gini coefficient
Explanation

Measure of income distribution.

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