Choose a consumer right from the list below and describe a corresponding consumer responsibility.The right to safetyThe right to be informedThe right to chooseThe right to be heardThe right to redress
A consumer responsibility for the right to be informed is to use the information. The consumer should use the information to know which product is saf...
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Name a similarity and a difference between these factors of production: land and capital.
A similarity between land and capital is that both are necessary for the production of goods and services. A difference between land and capital is th...
15
Give an example that illustrates the concept of opportunity cost.
You have to choose between going out with your friends or studying for a math test that you really need to study for. You choose to go out, so the opp...
15
The most comprehensive measure of a nation's wealth is provided by itsA. gross domestic product.B. TINSTAAFL rating.C. product possibilities curve.D. capital goods.
A. gross domestic product.
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The economic system of the United States is considered aA. free market capitalist economy.B. command economy.C. socialist economy.D. traditional economy.
A. free market capitalist economy.
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Who did Karl Marx believe would be the beneficiaries of socialism?A. property ownersB. the governmentC. workersD. capitalists
C. workers
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Which of these is the most striking example of the costs and risks of pure capitalism?A. the GosplanB. the Five-Year PlanC. the Great DepressionD. the Great Leap Forward
C. the Great Depression
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Which of these statements is descriptive of a market economy?A. Most media is state-owned and operated.B. The government determines what is produced and by whom.C. Major economic decisions are made for individuals, not by them.D....
D. Major economic decisions are made by individuals, not for them.
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What have some states done to protect workers from adverse economic events such as layoffs?A. They set up support groups.B. They set up unemployment compensation programs.C. They provided every worker with insurance.D. They gave w...
B. They set up unemployment compensation programs.
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Societies are faced with which three basic questions about production of goods?A. what, how, and whyB. what, where, and whenC. what, how, and for whomD. when, where, and for whom
C. what, how, and for whom
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Which of the following explains why products made under a command economy are more likely to be low quality?A. The workers who make them have little incentive to make them well.B. The workers who make them are not given quality-co...
A. The workers who make them have little incentive to make them well.
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Consumers can influence the production and sale of goods byA. "voting" with their dollars.B. saving their money.C. reducing their spending habits.D. paying off their debt.
A. "voting" with their dollars.
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Dave gets a job at a grocery store, which pays him an hourly wage in exchange for his labor. Dave is participating inA. entrepreneurship.B. human capital.C. the product market.D. the factor market.
D. the factor market.
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Which statement describes the disadvantage of a command economy?A. Items tend to be produced solely for the sake of profit.B. It cannot change direction easily if the need arises to do so.C. It does little to help the less advanta...
D. Nothing stops the government from producing things that people don't need or want.
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When a business needs to decide whether a certain action is worth the cost, the most helpful analysis would be a(n)A. production possibility comparison.B. cost-benefit analysis.C. economic model.D. needs assessment.
B. cost-benefit analysis.
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In the mythical country Alpha, an entrepreneur has introduced a new technology that makes manufacturing twice as efficient as before. How is this likely to affect the production possibilities frontier?A. It would not change the fr...
