Economics Chapters 1 - 5
59 Questions
| Total Attempts: 33
Questions and Answers
- 1.Who wrote the wealth of nations?
- A.
John Adams
- B.
E.I. du Pont
- C.
Pierre Samuel du Pont
- D.
Adam Smith
- 2.Who used his resources wisely to make gunpowder for President Jefferson?
- A.
John Adams
- B.
E.I. du Pont
- C.
Pierre Samuel du Pont
- D.
Adam Smith
- 3.What type of economy is directed by customs and habits?
- A.
Traditional economy
- B.
Free market economy
- C.
Command economy
- D.
Mixed economy
- 4.What type of economy is directed by an "invisible hand"?
- A.
Traditional economy
- B.
Free market economy
- C.
Command economy
- D.
Mixed economy
- 5.What type of economy would a Communist-controlled country have?
- A.
Traditional economy
- B.
Free market economy
- C.
Command economy
- D.
Mixed economy
- 6.What type of good is a forklift that is used to transport imported goods within a warehouse?
- A.
Capital
- B.
Imported
- C.
Consumer
- D.
Specialized
- 7.What type of good is a computer that is used for personal home use?
- A.
Capital
- B.
Imported
- C.
Consumer
- D.
Specialized
- 8.What term refers to a person that owns a share of some business that produces goods?
- A.
Distributor
- B.
Capitalist
- C.
Entrepreneur
- D.
Supplier
- 9.Who is the person that risks his investment of time and money in the management of an economic enterprise?
- A.
Distributor
- B.
Capitalist
- C.
Entrepreneur
- D.
Supplier
- 10.Diligent work directed by ingenious intelligence allowed to develop under conditions of freedom is the true source of what?
- A.
Wealth
- B.
Value
- C.
Prosperity
- D.
Utility
- 11.All people are said to be producers, or people who use goods.
- A.
True
- B.
False
- 12.A mixed economy provides barely enough to keep a society alive.
- A.
True
- B.
False
- 13.State capitalism is a system in which the government controls most of the capital.
- A.
True
- B.
False
- 14.When a country finds ways to produce more goods from existing resources, the prosperity of the national economy increases.
- A.
True
- B.
False
- 15.The prosperity and efficiency of the free market economy is owed to its foundation of limited government, freedom of enterprise and competition, and natural resources.
- A.
True
- B.
False
- 16.The two entities that make the majority of the economic decisions in the free market are private households and private businesses.
- A.
True
- B.
False
- 17.Adam Smith stressed the importance of separating work into individualized tasks, an idea known as division of labor.
- A.
True
- B.
False
- 18.The difference in value of goods that a country sells abroad compared to those it purchases from other countries is purchasing balance.
- A.
True
- B.
False
- 19.According to economists, the factors of production are scarce.
- A.
True
- B.
False
- 20.What French phrase, often connected with economics, means "let things alone"?
- 21.Who were the French group of 18th-century economists who believed the market should be guided by the "rule of nature"?
- 22.Who was the founder of the Austrian school of economics?
- 23.What are taxes that governments apply only to imported goods?
- 24.Economics is the study of the choices that individuals and societies make concerning what activities involving goods? (3 separate words)
- 25.The value associated with any good is directly related to what TWO things? (two words)
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