I'm Going To Pass This Test

Yes, Also yes, but green, Yes, Yes

Wrote the communist manifesto, Was a philosopher

Adam Smith believed in

the role of supply and demand to regulate prices

Needs and wants outweigh the amount of resources available.

What are the four factors of production?

Land, Labor, Capital, Entrepreneur

What is the difference between goods and services?

Goods are things made, used, or grown by people

Consumer sovereignty means that -

through their purchases consumers decide what is produced

The difference between human & physical capital.

Human = knowledge / Physical = tools

What is the invisible hand?

Producers and consumers talk to one another via market sales

What is Free Enterprise?

Economic system, business is mostly free from state control.

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Mr. Oakes Econ 1st Test

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Questions 16

Answers

1
I'm Going To Pass This Test
Yes
Also yes, but green
Yes
Yes
2
Karl Marx...
Wrote the communist manifesto
Was a philosopher
Borp
Killed stalin
3
What is the goal of laissez – faire leadership?
Establish norms
Working along a schedule
Let people behave as they wish
To not do anything
4
Adam Smith believed in
the role of supply and demand to regulate prices
the role of the working class to overthrow the wealthy class
the role of treaties to prevent war
the role of government to regulate wages
5
Same as a free enterprise economy
Supply curve
Market failure
Hi
Market economy
6
Define Scarcity
A fundamental problem in society.
A limited amount of resources compared to prices.
Needs and wants outweigh the amount of resources available.
A social science dealing with people's needs and wants.
7
Who came up with the idea of the Invisible Hand?
Karl Marx
Adam Smith
John Maynard Keynes
Milton Friedman
8
What are the four factors of production?
Land, Labor, Capital, Entrepreneur
Land, Capital, Entrepreneur, Equipment
Labor, Capital, Profits, Equipment
Land, Equipment, Capital, Labor
9
What is the difference between goods and services?
Goods are tangible and services are intangible
Goods and services are the same things with different names
Goods are things made, used, or grown by people
Goods are foods and services are drinks
10
Consumer sovereignty means that -
consumers must buy what the government makes
through their purchases consumers decide what is produced
businessmen control demand as well as supply
consumers vote for politicians who make decisions for them
11
The difference between human & physical capital.
Human = knowledge / Physical = tools
Human = knowledge / Physical = technological
Human = skillz / Physical = labor
Human = labor / Physical = skills
12
A Need is something you need to survive, such as water
True
False
13
What is the invisible hand?
Producers and consumers talk to one another via market sales
Goods or services
Market and mixed economies
Goods and services that are consumed together
14
What did Karl Marx found
Vineyard Vines
Communism
Nike
Government
15
The US uses a mixed economy
False
True
16
What is Free Enterprise?
Economic system, business is mostly free from state control.
Economic system, business is completely free from state.
Economic system, state owns all businesses.
Economic system, business is run by the state.

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