Economics and Arkansas unit test answers

Answer 1

1. What is the main economic activity in Arkansas?
Answer: Agriculture and manufacturing are the main economic activities in Arkansas.

2. How does the agriculture industry contribute to the economy of Arkansas?
Answer: The agriculture industry in Arkansas contributes significantly to the economy by providing jobs, income, and export opportunities.

3. What are some of the key industries in Arkansas besides agriculture?
Answer: Some of the key industries in Arkansas besides agriculture include manufacturing, healthcare, retail, and tourism.

4. How does the state government promote economic development in Arkansas?
Answer: The state government promotes economic development in Arkansas through various incentives, tax breaks, and infrastructure investments to attract businesses and create jobs.

5. What is the unemployment rate in Arkansas?
Answer: The unemployment rate in Arkansas is typically around the national average, which is currently around 4%.

6. How does international trade impact the economy of Arkansas?
Answer: International trade plays a significant role in the economy of Arkansas by providing export opportunities for agricultural and manufactured goods, which helps stimulate economic growth and create jobs.

7. What are some of the challenges facing the economy of Arkansas?
Answer: Some of the challenges facing the economy of Arkansas include a lack of skilled workforce, income inequality, and competition from other states for business investment.

8. How does the cost of living in Arkansas compare to other states?
Answer: The cost of living in Arkansas is generally lower than the national average, making it an attractive place to live and do business.

9. How do natural resources impact the economy of Arkansas?
Answer: Natural resources such as timber, minerals, and water play a key role in the economy of Arkansas by supporting industries like forestry, mining, and energy production.

10. What are some opportunities for economic growth in Arkansas?
Answer: Some opportunities for economic growth in Arkansas include investing in infrastructure, promoting entrepreneurship, and developing advanced manufacturing and technology industries.