Question 1

All economic goods take the form of either wealth or:

Accepted Answer

A)  savings. 
B)  services. 
C)  possessions. 
D)  property. 
A)  savings. 
B)  services. 
C)  possessions. 
D)  property.

Question 2

Laissez-faire means allowing the market to operate with a maximum of government regulation.

Accepted Answer

A) True 
 B)False

Question 3

Economic goods have monetary value because they are desirable and scarce.

Accepted Answer

A) True 
 B)False

Question 4

Which institution controls a planned economic system?

Accepted Answer

A)  the citizenry 
B)  the religious institution of that nation 
C)  the private sector 
D)  the government 
A)  the citizenry 
B)  the religious institution of that nation 
C)  the private sector 
D)  the government

Question 5

Government production quotas are an important part of the U.S. planned economy.

Accepted Answer

A) True 
 B)False

Question 6

Louis Blanc argued that an individual had an inherent right to a decent job.

Accepted Answer

A) True 
 B)False

Question 7

In a market economy, the chief incentive is:

Accepted Answer

A)  the need to fill government quotas. 
B)  the possibility of making profits. 
C)  the freedom a lack of competition provides. 
D)  the pride derived by helping a state-managed enterprise. 
A)  the need to fill government quotas. 
B)  the possibility of making profits. 
C)  the freedom a lack of competition provides. 
D)  the pride derived by helping a state-managed enterprise.

Question 8

Economics is the study of the social organization through which people satisfy their wants.

Accepted Answer

A) True 
 B)False

Question 9

Communism refers to a state in which:

Accepted Answer

A)  the means of production are held by cooperative groups of citizens. 
B)  all citizens are economically and socially equal. 
C)  the Communist Party determines society's goals. 
D)  the Communist Party runs the government but not the economy. 
A)  the means of production are held by cooperative groups of citizens. 
B)  all citizens are economically and socially equal. 
C)  the Communist Party determines society's goals. 
D)  the Communist Party runs the government but not the economy.

Question 10

Charles Fourier and Robert Owen were:

Accepted Answer

A)  laissez-faire economists. 
B)  Soviet economists. 
C)  free-market proponents. 
D)  utopian socialists. 
A)  laissez-faire economists. 
B)  Soviet economists. 
C)  free-market proponents. 
D)  utopian socialists.

Question 11

What is a planned economy? What is an unplanned economy? How and why are planned and unplanned economies different? How do planned and unplanned economies work?

Accepted Answer

Planned and unplanned economies differ i

Question 12

Major technological breakthroughs in the development of computers increased supply and quality. In response, prices of computers:

Accepted Answer

A)  varied too widely for a price pattern to emerge. 
B)  increased until computers were too expensive to buy. 
C)  fell. 
D)  rose slightly. 
A)  varied too widely for a price pattern to emerge. 
B)  increased until computers were too expensive to buy. 
C)  fell. 
D)  rose slightly.

Question 13

A planned economy is characterized by:

Accepted Answer

A)  a market economy. 
B)  a free enterprise economy. 
C)  government controlled production and distribution. 
D)  the absence of socialism. 
A)  a market economy. 
B)  a free enterprise economy. 
C)  government controlled production and distribution. 
D)  the absence of socialism.

Question 14

The supply curve, SS, shows the amount of a goods buyers are willing to purchase on a certain day.

Accepted Answer

A) True 
 B)False

Question 15

All productive resources - labor, natural resources, and capital - are limited.

Accepted Answer

A) True 
 B)False

All economic goods take the form of either wealth or:

Laissez-faire means allowing the market to operate with a maximum of government regulation.

Economic goods have monetary value because they are desirable and scarce.

Which institution controls a planned economic system?

Government production quotas are an important part of the U.S. planned economy.

Louis Blanc argued that an individual had an inherent right to a decent job.

In a market economy, the chief incentive is:

Economics is the study of the social organization through which people satisfy their wants.

Communism refers to a state in which:

Charles Fourier and Robert Owen were:

What is a planned economy? What is an unplanned economy? How and why are planned and unplanned economies different? How do planned and unplanned economies work?

Major technological breakthroughs in the development of computers increased supply and quality. In response, prices of computers:

A planned economy is characterized by:

The supply curve, SS, shows the amount of a goods buyers are willing to purchase on a certain day.

All productive resources - labor, natural resources, and capital - are limited.

Social Science and Its Method

Human Origins

Origins of Western Society

Society, Culture, and Cultural Change

Geography, Demography, Ecology, and Society

Technology and Society

Psychology, Society, and Culture

The Family

Religion

Education

Social and Economic Stratification

Stratification, Minorities, and Discrimination

The Functions and Forms of Government

Governments of the World

Democratic Government in the United States

The Economy, Government, and Economic Challenges Facing the United States

International Political Relations

International Economic Relations

The Political Economies of Developing Countries

International Institutions and the Search for Peace

Filters

Exam 16: The Organization of Economic Activities

All economic goods take the form of either wealth or:

Laissez-faire means allowing the market to operate with a maximum of government regulation.

Economic goods have monetary value because they are desirable and scarce.

Which institution controls a planned economic system?

Government production quotas are an important part of the U.S. planned economy.

Louis Blanc argued that an individual had an inherent right to a decent job.

In a market economy, the chief incentive is:

Economics is the study of the social organization through which people satisfy their wants.

Communism refers to a state in which:

Charles Fourier and Robert Owen were:

What is a planned economy? What is an unplanned economy? How and why are planned and unplanned economies different? How do planned and unplanned economies work?

Major technological breakthroughs in the development of computers increased supply and quality. In response, prices of computers:

A planned economy is characterized by:

The supply curve, SS, shows the amount of a goods buyers are willing to purchase on a certain day.

All productive resources - labor, natural resources, and capital - are limited.

Social Science and Its Method

Human Origins

Origins of Western Society

Society, Culture, and Cultural Change

Geography, Demography, Ecology, and Society

Technology and Society

Psychology, Society, and Culture

The Family

Religion

Education

Social and Economic Stratification

Stratification, Minorities, and Discrimination

The Functions and Forms of Government

Governments of the World

Democratic Government in the United States

The Economy, Government, and Economic Challenges Facing the United States

International Political Relations

International Economic Relations

The Political Economies of Developing Countries

International Institutions and the Search for Peace

Filters