Large corporations have grown in importance because they

produce goods and services more efficiently

What was the primary cause of the rise of labor unions?

Workers had little power over wages and working conditions

What set the stage for the modern labor movement?

Wagner Act and start of the CIO

What is not a role that government plays in our economy?

it taxes people but not businesses

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Study guide for economics and crime

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Economic concepts and crime vocab

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Questions 24

Answers

1
Large corporations have grown in importance because they
have better manufacturing methods
are nearly self-sufficient
produce goods and services more efficiently
can employ more people than other businesses
2
The market price is determined by the
laws of supply and demand
law of demand
law of supply
monetary flow
3
Which of the following is an important feature of capitalism
Capital is privately owned
All of the above
Capital is government owned
Use of capital is controlled by tradition
4
An advantage of a sole proprietorship is that the owner
is responsible for all debts
raises all money to expand
all of the above
keeps all profits
5
Our free market economy depends on a circular flow of
goods and services
labor
all of the above
money
6
What was the primary cause of the rise of labor unions?
Workers had little power over wages and working conditions
Many laborers had to take any work, at any wage
New farm machinery meant farms needed fewer workers
More people turned to wage labor to make a living
7
Which is considered capital when used to produce goods and services
skills
machines
time
water
8
Which savings plans offers the most safety?
government bonds
stock
real estate
mutual funds
9
What set the stage for the modern labor movement?
making Labor Day a holiday
Taft-Hartley Act
Wagner Act and start of the CIO
start of the Department of labor
10
What influences how a society makes the three basic economic decisions?
the society's goals and values
the wants that people have
the technology level used by labor
the available resources
11
Private individuals own the factors of production in a
market economy
mixed economy
command economy
traditional economy
12
Government has been asked to intervene to solve problems involving
an unstable economy
unemployed Americans
all of the above
unfair business competition
13
What is not a role that government plays in our economy?
It is the biggest employer
it taxes people but not businesses
It is the largest consumer
It spends trillions of dollars
14
What is the first major decision made in an economy?
how are they produced
who get the goods and services
how can wants be satisfied
what and how much is produced
15
To produce goods and services, labor, land, and capital combine in
a production process
a series of decisions
a benefit analysis
a distribution cycle
16
Today most countries have a
market economy
traditional economy
command economy
mixed economy
17
Which are examples of people's basic wants?
education and health care
freedom and knowledge
tools and buildings
food and shelter
18
Wage laborer's in the 1800's suffered because of
boring, dangerous jobs
low wages
all of the above
long workdays
19
Which shows government regulations of business
values of equality and justice
protecting endangered animals
limiting hours in a workday
cutting personal income
20
The law of demand says that when product prices are
low, more products are made
low, more people will buy
high, producers make more money
high, more people will buy
21
A circular flow of economic activity, producers need the following 3 resources to create goods
labor, land, capital
rent, buildings, money
tools, interest, wants
technology, workers, money
22
Entrepreneurs are motivated to start businesses in order to
raise capital
compete with large corporations
provide labor themselves
earn a profit
23
The government usually owns important parts of the economy in a
mixed economy
traditional economy
command
market economy
24
Which type of business has the most risk for its owner
large corporations
partnerships
small corporations
sole proprietorships

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