what is industrialization?

making large quantities of a good in factories

which of the following is an example of human capital?

the knowledge of how to fix a car

what is entrepreneurship?

The ability to put plans and ideas into action

What is specialization?

focusing on one thing and doing it very well

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Questions 15

Answers

1
absolute advantage means being able to make more of a product than your competition
False
True
2
critics of globalization say that globalization has cost americans jobs
True
False
3
what is industrialization?
the increasing global connectedness of the world
nations adopting fewer production methods
making large quantities of a good in factories
making large quantities of food via agriculture
4
protetcionism encourages globalization and increased trade
False
True
5
which economic system has the MOST amount of government involvement?
command
traditional
mixed
market
6
free trade has no tariffs or embargoes
True
False
7
mostly based on historic family roles, hunting and trading
traditional
mixed
market
command
8
which economic system has the LEAST amount of government involvement
mixed
command
traditional
market
9
countries WANT a trade defecit
True
False
10
which economic system is the most common in today's world?
mixed
command
market
traditional
11
which of the following is an example of physical capital?
the ability to run super fast
the space where work can be done
the willingness to put plans into action
a tractor
12
which of the following is an example of human capital?
an assembly line
a hammer
the knowledge of how to fix a car
anyone willing to work
13
demand can be shifted by which of the following?
change in consumer income
all of the above
change in consumer expectations
change in consumer opinion
14
what is entrepreneurship?
The ability to put plans and ideas into action
the desire to make money
the organization skills needed to start a business
the charisma needed to talk to people
15
What is specialization?
focusing on one thing and doing it very well
not achieving comparative advantage
trying to become self sufficient
focusing on doing many things well

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