Homework Answers
Although 1st and 4th options are quite similar.
I would suggest go for 4th option.
4) The production of goods and services is based on human need
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Which of the following is true of a capitalist economy? The means of economic production and...
Which one of the following statements about a markel economy is TRUE? A. The growth rate...
Which one of the following statements about a markel economy is TRUE? A. The growth rate of a market econormy is less than that of a planned economy. O B. Government incentives prompt producers to make high-quality goods OC. The majority of a nation's land factories, and other economic resources are privately owned OD. Government regulations are a burden on commercial activities E All productive activities are owned by the state
In understanding the traditional ideological spectrum, which of the following is true? Socialism calls for a...
In understanding the traditional ideological spectrum, which of the following is true? Socialism calls for a strong government to control the economy Liberalism calls for government action to promote economic opportunity Conservatism calls for government action to protect and bolster the capitalist system Libertarianism rejects any government regulation of the economy. All of the above.
1.In a capitalist economy, the market value of something is determined by......and....... Prices are the quantification...
1.In a capitalist economy, the market value of something is determined by......and....... Prices are the quantification of those values in terms of the money that is used. When the supply of something is high, relative to demand, the price will be........ When the demand for something is .........relative to the supply, the price will be high. When the....... for something is low relative to the......., the price will be high. Prices play an important role in the market economy because...
Which of the following is NOT true about gross domestic product (GDP)? a. It includes only...
Which of the following is NOT true about gross domestic product (GDP)? a. It includes only final goods and services. b. The values are measured in current dollars c. Intermediate goods and services are excluded to prevent double counting. d. It includes the value of transfer payments. The gross domestic product (GDP) excludes: a. the value of intermediate goods produced. b. the spending by government on new roads and bridges. c. household spending on goods and services. d. the increase...
1.The doctrine of egalitarianism, which is professed by socialist economies, refers to: strict regulation of prices...
1.The doctrine of egalitarianism, which is professed by socialist economies, refers to: strict regulation of prices by the government. distribution of social services to the poor only. equal distribution of income and social services. distribution of social services based on economic status. production of goods based on competition, supply, and demand. 2.According to Adam Smith, competition fosters efficiency because: the government regulates the prices of goods and services. producers have to offer the best products at reasonable prices. a decreased...
Which of the following is a characteristic of a market economy? O Private property O Government...
Which of the following is a characteristic of a market economy? O Private property O Government ownership of the means of production O Distribution according to need O Tradition determines the what, how, and for whom decisions
1. Economic models The following diagram presents a circular-flow model of a simple economy. The outer...
1. Economic models The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the Inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Markets for Goods and Services Firms Households Markets for Factors of Production Which of the following is true regarding this economic model? While simple, the circular-flow diagram can still be useful for the purposes of modeling...
For any economy, the "scarcity" problem simply means that the available free resources are "not enough"...
For any economy, the "scarcity" problem simply means that the available free resources are "not enough" to produce all goods and services required to satisfy the unlimited human wants. Question 1 options: True False Question 2 Division of labor in some cases is used to explain why countries gain when specializing in producing fewer goods and services. Question 2 options: True False Question 3 Why economies may gain when specializing in producing fewer goods and services? Question 3 options: Because...
question 1 and 5 8 je Circular Flow of Economic Activity Worksheet 1. Which of the...
question 1 and 5
8 je Circular Flow of Economic Activity Worksheet 1. Which of the following is NOT one of the three fundamental economic participants a. households b. businesses c. banks d. government 2. The simple circular flow model shows that: a. households are on the selling side of the resource market and the buying side of the product market. b. households are on the buying side of both product and resource markets c. businesses are on the buying...
Which of the following is TRUE in the calculation of GDP? Select one: @ д. GDP...
Which of the following is TRUE in the calculation of GDP? Select one: @ д. GDP is positively adjusted to include production in the underground economy. o b. GDP is negatively adjusted to account for environmental damage caused by businesses o c. GDP does not include goods and services produced privately inside the home. O d. GDP includes a positive adjustment for leisure activities, even if no purchase is required
Which one of the following statements about a markel economy is TRUE? A. The growth rate of a market econormy is less than that of a planned economy. O B. Government incentives prompt producers to make high-quality goods OC. The majority of a nation's land factories, and other economic resources are privately owned OD. Government regulations are a burden on commercial activities E All productive activities are owned by the state
Which of the following is a characteristic of a market economy? O Private property O Government ownership of the means of production O Distribution according to need O Tradition determines the what, how, and for whom decisions
1. Economic models The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the Inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Markets for Goods and Services Firms Households Markets for Factors of Production Which of the following is true regarding this economic model? While simple, the circular-flow diagram can still be useful for the purposes of modeling...
question 1 and 5
8 je Circular Flow of Economic Activity Worksheet 1. Which of the following is NOT one of the three fundamental economic participants a. households b. businesses c. banks d. government 2. The simple circular flow model shows that: a. households are on the selling side of the resource market and the buying side of the product market. b. households are on the buying side of both product and resource markets c. businesses are on the buying...
Which of the following is TRUE in the calculation of GDP? Select one: @ д. GDP is positively adjusted to include production in the underground economy. o b. GDP is negatively adjusted to account for environmental damage caused by businesses o c. GDP does not include goods and services produced privately inside the home. O d. GDP includes a positive adjustment for leisure activities, even if no purchase is required
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