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Economics Multiple Choice With Complete Solutions Latest Update
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Economics Multiple Choice With CompleteSolutions Latest Update
We are forced to make choices because
a. not everything is limited.
b. shortages are a constant situation.
c. we live in a democracy.
d. all resources are limited. - correct answers all resources are limited
The four factors of production are the resources of land, labor, capital, and
a. services.
b. entrepreneurship.
c. technology.
d. goods. - correct answers entrepreneurship
A truck used by a plumber is a type of
a. capital.
b. labor.
c. raw good.
d. modus transportius. - correct answers capital
,The value of the next best alternative that had to be given up to do the action that
was chosen is the
a. sale price.
b. trade-off.
c. opportunity cost.
d. capital. - correct answers opportunity cost
All the combinations of goods and services that can be produced in a given time
with a fixed amount of resources are called
a. costs.
b. production possibilities.
c. factors of production.
d. trade-offs. - correct answers production possibilites
When Adam Smith coined the term "invisible hand," he was referring to
a. the government.
b. the market.
c. slave labor.
d. entrepreneurship. - correct answers the market
Pure capitalism is also known as a
a. mixed economy.
b. laissez-faire system.
,c. quota system.
d. command economy. - correct answers laissez-faire System
The desire to make money that motivates people to produce goods and services is
called
a. entrepreneurship.
b. the profit incentive.
c. laissez-faire.
d. greed. - correct answers the profit incentive
hich country best follows the ideas of Adam Smith?
a. Cuba
b. North Korea
c. China
d. Singapore - correct answers singapore
Productivity refers to
a. using the four factors of production.
b. creating goods and services.
c. measuring sales.
d. producing goods and services in better and faster ways. - correct answers
producing goods and services in better and faster ways
, Which of the following is a strength of a market economy?
a. It gives producers and consumers a great deal of freedom.
b. It provides centralized planning.
c. It offers guaranteed lifetime employment.
d. No one is allowed to live in poverty. - correct answers it givers producers and
consumers a great deal of freedom
Today most economic systems are
a. command.
b. traditional.
c. capitalist.
d. mixed. - correct answers mixed
The goal of economic freedom is to
a. ensure that businesses don't fail.
b. give government a large role in the economy.
c. allow people to make choices.
d. limit competition. - correct answers allow people to make choices
Unemployment compensation helps provide economic
a. growth.
b. freedom.
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