Economic Analysis

A country's infrastructure includes...

• sewers

• phone lines

• highways

• all of the above

As a factor of production, the term labor refers to both skilled and unskilled workers?

• true

• false

Resource scarcity forces nations to make economic choices...

• true

• false

In a market economy, who decides how products are produced?

• businesses

• consumers

• government

• labor

In a command economy, who decides how products are produced?

• businesses

• consumers

• government

• labor

In a traditional economy, who decides how products are produced?

• businesses

• consumers

• government

• tradition

In a market economy, who decides whether a business will survive or fail?

• the government

• the business itself

• the consumers

• the competitors

Germany is a socialist country, therefore, Germans pay less taxes than Americans?

• true

• false

In a command economy, it is the consumers that decide what items will satisfy their wants/needs

• true

• false

In economic terms, land , labor, and capital refers to ...

• infrastructure

• scarcity

• factors of production

• free enterprise system