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5 Written questions

5 Matching questions

  1. 4th
  2. market economy
  3. centrally planned economy
  4. competition
  5. heavy industry
  1. a Entrepreneurs
  2. b the struggle among producers for the dollars of consumers
  3. c economic system in which the central government makes all decisions on the production and consumption of goods and services
  4. d industry that requires a large capital investment and that produces items used in other industries
  5. e economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets

5 Multiple choice questions

  1. the concentration of the productive efforts of individuals and firms on a limited number of activities
  2. a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society
  3. the income people receive for supplying factors of production, such as land, labor, or capital
  4. economic system in which a central authority is in command of the economy; a centrally planned economy
  5. a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government

5 True/False questions

  1. marketan organization that uses resources to produce a product which it then sells


  2. consumer sovereigntythe power of consumers to decide what gets produced


  3. incentivean expectation that encourages people to behave in a certain way


  4. factor marketmarket in which firms purchase the factors of production from households


  5. 5thTechnology


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