Chapter 3 Section 1 Review

Question 1

Which Factor of Production involves all the people who work part-time & full-time in a nation?

Accepted Answer

Labor

Question 2

Which nations pay the highest taxes?

Accepted Answer

Socialism

Question 3

The difference between wants and needs and available resources is known as what?

Accepted Answer

Scarcity

Question 4

All are questions that nations must answer when deciding how to use its resources except?

Accepted Answer

Why?

Question 5

The process of governments selling government-owned businesses to private individuals.

Accepted Answer

Privatization

Question 6

Canada and Sweden are both examples of countries with what type of economic philosophy?

Accepted Answer

Socialism

Question 7

Who makes the decisions as to how goods should be made in a Command Economy?

Accepted Answer

Government

Question 8

Which Factor of Production involves the money needed to start and operate a business?

Accepted Answer

Capital

Question 9

Which type of economy is all the decisions based on rituals and cultural beliefs?

Accepted Answer

Traditional

Question 10

Which economic system is characterized by private ownership of business and competition?

Accepted Answer

Capitalism

Question 11

If Mr. Smith comes up with an idea for a business & invests his money to make it successful.

Accepted Answer

Entrepreneurship

Question 12

Which of the following is Not 1 of the 4 Factors of Production?

Accepted Answer

Scarcity

Question 13

In a Market Economy, who decides what goods and services should be produced and sold?

Accepted Answer

Consumers

Question 14

What economic philosophy does the United States utilize?

Accepted Answer

Capitalism

Question 15

North Korea and Cuba are examples of countries with what kind of economic systems?

Accepted Answer

Command

Questions 15