Economic Final

Front

Which of the following is an example of a durable good? A Car, Clothing, Food, Paper Product

Back

A Car

Front

What is the fundamental economic problem facing all societies?

Back

Scarcity

Front

The production possibilities curve illustrates all possible combinations of __________.

Back

Output

Front

The division of labor and specialization can improve __________.

Back

Productivity

Front

A major contribution to productivity comes from investments in _________.

Back

Human Capital

Front

Which of the following is NOT a characteristic of a command economy: Many basic health, education, and public services are available at little to no cost; A central authority decides WHAT, HOW, and FOR WHOM to produce; A lack of government interference in economic dealings; Property rights for most citizens are very limited.

Back

A lack of government interference in economic dealings

Front

Which category does the economy of the United States fall into?

Back

Mixed Market Economy

Front

___________ involved the forced common ownership of all agricultural and industrial enterprises in Russia.

Back

Collectivization

Front

Which of the following is a Disadvantage of capitalism? A variety of goods are available for consumers, The economy is able to adapt to change, There is always a gap between the rich and poor, There is competition between sellers

Back

There is always a gap between the rich and poor

Front

The ________ is a risk-taking individual in search of profits.

Back

Entrepreneur