Which of the following is an example of a traditional economy? The majority of people in Country B work in factories under very poor conditions for little pay. The population of Country D is involved in a wide array of professions, including agriculture, service industries, technology, and manufacturing. Country A relies on oil for most of its national income. The vast majority of people in Country C are involved in hunting and fishing, though there are some farmers too. There are also some artisans who create basic products and services, which they trade to farmers in exchange for food.

The objective of the question is to identify which of the given scenarios best represents a…

Answered: Which of the following is an example of…

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following is an example of a traditional economy?

	The majority of people in Country B work in factories under very poor conditions for little pay.
	The population of Country D is involved in a wide array of professions, including agriculture, service industries, technology, and manufacturing.
	Country A relies on oil for most of its national income.
	The vast majority of people in Country C are involved in hunting and fishing, though there are some farmers too. There are also some artisans who create basic products and services, which they trade to farmers in exchange for food.