Quiz9

Quiz9 - SS-101 Team F QUIZ #9 Heilbroner/Milberg, McGrath...

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Unformatted text preview: SS-101 Team F QUIZ #9 Heilbroner/Milberg, McGrath Prof. Susan Lee 1) a) b) c) d) 2) a) b) c) d) 3) a) b) c) d) 4) a) b) c) d) Which of the following is a benefit of a command economy? It occurs most often in a totalitarian society It relies on the individual decisions of consumers It can generate rapid economic progress It provides great stability over time Tipping is a typical feature of a traditional economy a command economy a market economy both (a) and (b) According to Heilbroner and Milberg, people in the United States are wealthy because they have worked their way up the ladder and prospered they have invested their earnings wisely they are members of a rich society they have inherited their wealth The high price of diamonds is due to the economic infrastructure involved in mining the relative scarcity of diamonds among gemstones the high cost of labor and transportation in diamond regions the technology and capital required to mine diamonds 5) Italy produces fine leather goods while Switzerland makes watches. This is an example of a) relative scarcity b) economic determinism c) specialization d) production factors ...
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