Chapter 19:
The American Economy
1.
The factors of production are __________.
a.
natural resources, labor, capital, and money
b.
natural resources, capital, goods, and services
c.
natural resources, labor, capital, and entrepreneurs
d.
natural resources, money, labor, and entrepreneurs
2.
Capital goods are __________.
a.
used to make other products
b.
used to satisfy consumer wants directly
c.
money, in all of its forms
d.
mineral deposits and fossil fuels
3.
Gross Domestic Product is __________.
a.
the total value of all goods and services produced in a single year
b.
the total value of all final goods and services produced in a single year
c.
the total value of all capital goods produced in a single year
d.
the total value of all labor produced in a single year
4.
Consumers earn their income in __________.
a.
the consumer sector
b.
the product market
c.
factor markets
d.
the business sector
5.
__________ can improve productivity.
a.
Trading with the foreign sector
b.
Cost-benefit analysis
c.
Government revenue
d.
Specialization
6.
Some of the characteristics of capitalism are __________.
a.
competition, profit, and government ownership of resources
b.
markets, government-set prices, and private property
c.
markets, private property, competition, and profits
d.
competition, profit, and production based on custom and tradition
7.
The author of
The Wealth of Nations
was __________.
a.
Alexander Hamilton
b.
Adam Smith
c.
Thomas Mann Randolph
d.
Thomas Jefferson
8.
In laissez-faire economics, the government's role is __________.
a.
strictly limited to those few actions needed to ensure free competition in the marketplace
b.
to tell producers what and how much to produce
c.
to set prices for all goods and services produced
d.
to completely refrain from any involvement in the marketplace
9.
A group that provides information about local businesses and warns consumers about dishonest business practices is the __________.
a.
Consumer Rights Council
b.
Consumer's Voice
c.
Commission on Consumer Safety
d.
Better Business Bureau
10.
The money income that a person has left after taxes is called __________.
a.
discretionary income
b.
disposable income
c.
ethical income
d.
savings income
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Unit 1
Unit 2
Unit 3
Unit 4
Unit 5
Unit 6
Unit 7
Unit 8
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12
Chapter 13
Chapter 14
Chapter 15
Chapter 16
Chapter 17
Chapter 18
Chapter 19
Chapter 20
Chapter 21
Chapter 22
Chapter 23
Chapter 24
Chapter 25
Chapter 26
Chapter 27
Chapter 28
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