Which term is defined as the mechanism set by the State in allocating resources and in producing and distributing goods and services to the population? Capitalism true Economic System false Mixed System false Supply and Demand. false Single The following are examples of goods, except one: cellphone false education false haircuts true insurance coverage false Single The primary sector of the economy: involves all service-oriented transactions false involves the conversion of raw materials into finished products false deals with the extraction of raw materials from the environment true all of the above false Single _______ undergoes large commercial activities through State-Owned Enterprises and/or by working closely with various corporations. Capitalism false Socialism false State Capitalism true Welfare State false Single Which of the following is not a characteristic of capitalism? government control of the economy true private ownership false pursuit of personal profit false encourages competition among the different businesses false Single Which pertains to the total market value of all the produced goods and services within a country? Economy false Economic System false Gross Domestic Product (GDP) true Gross National Product (GNP) false Single Which type of economy led to the emergence of the service and digital industries? Agriculture false Hunting and Gathering false Industrial Revolution false Information Age true Single Which significant invention was invented by James Watt in 1765 during the Industrial Revolution? Aeroplane false Diesel Engine false Steam Engine true Telegraph false Single Which economic stage integrates the physical, digital, and biological spheres? Information Age false Industrial Revolution false Post-Industrial Society false Fourth Industrial Revolution true Single In the Agricultural Economy stage, people: came flocking to the cities to work in factories false had to develop mechanical skills and literacy skills. false began to learn and engage in other activities such as crafting tools, building dwellings, making boats, and trading. true are faced with a higher hurdle in either finding work or adjusting to the more digitized work requirements. false Single