Economic Final

Which of the following is an example of a durable good?

• 
  A Car

• Clothing

• 
  Food

• 
  Paper Product

What is the fundamental economic problem facing all societies?

• 
  Competition

• 
  Too many resources

• 
  Too many consumers

• Scarcity

The production possibilities curve illustrates all possible combinations of __________.

• 
  Output

• Products

• Input

• Services

The division of labor and specialization can improve __________.

• 
  Pricing

• Productivity

• 
  Consumer Habits

• 
  Standard of Living

A major contribution to productivity comes from investments in _________.

• Facilities

• Land

• Stocks

• 
  Human Capital

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

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

• 
  Mixed Market Economy

• Mixed Socialist Economy

• 
  Communist Economy

• None of the Above

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

• Collectivization

• Privatization

• Nationalization

• Isolationism

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

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

• Investor

• Consumer

• Entrepreneur

  
  

• Manufacturer