midterm - Sheet1 Page 1 1. Question: (TCO 1) In the...

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Unformatted text preview: Sheet1 Page 1 1. Question: (TCO 1) In the Circular Flow Model, Businesses ___ the resources market and ___ the market for goods and ser Your Answer: supply to supply to buy from buy from Points Received: 3 of 3 Comments: 2. Question: (TCO 1) In the Circular Flow Model, Households___ the resources market and ___ the market for goods and ser Your Answer: supply to supply to buy from buy from Points Received: 0 of 3 Comments: 3. Question: (TCO 1) A mixed economy (e.g. the United States, Canada and Mexico): Your Answer: Functions without government interference is completely controlled by the government has government control only over the financial market None of the above ( Slavin text in ch.3 on pp.49-51 ) CORRECT Points Received: 3 of 3 Comments: 4. Question: (TCO 1) The United States has a mixed economy because we: Your Answer: employ both foreign and domestic workers sell both foreign goods and domestic goods produce goods for both domestic and foreign markets buy goods produced and distributed by both the government and private sectors. ( Slavin text in ch.3 on pp.49-51 ) Points Received: 3 of 3 Comments: 5. Question: (TCO 1) According to Adam Smith, entrepreneurs are motivated by: Your Answer: self-interest ( Slavin text in ch.3 on p.51 ) CORRECT fame social welfare social pressure environmental quality Sheet1 Page 2 Points Received: 3 of 3 Comments: 6. Question: (TCO 1) Natural resources (such as soil, oil, gold, and timber) belong to ___ economic resources. Your Answer: Capital Labor Land ( Slavin text in ch.2 on p.26 ) CORRECT Money None of the above Points Received: 3 of 3 Comments: 7. Question: (TCO 1) Economists view pollution as an economic problem that arises because Your Answer: private enterprise always minimizes the amount of pollution produced. profitable firms rarely pollute. as the economy grows, the level of pollution declines. firms that pollute do not pay the full external cost on environment. ( Slavin text in ch.3 on pp.56-57 ) CORRECT pollution costs are borne by the government. Points Received: 3 of 3 Comments: 8. Question: (TCO 1) As depicted in the circular flow model, firms: Your Answer: demand the goods and services that households supply in product markets. supply the goods and services that households demand in product markets. ( Slavin text in ch.3 on pp.54-55 ) CORR demand the resources that households supply in product markets. supply the resources that households demand in resource markets. Points Received: 3 of 3 Comments: 9. Question: (TCO 1) Most economies have what economists call: Your Answer: mixed economies ( Slavin text in ch.3 on pp.49-51 ) CORRECT centrally planned economies pure capitalist economies none of the above ( ) Points Received: 3 of 3 Comments: 10. Question: (TCO 1) The man-made machine type resources used to produce goods and services are called: Sheet1 Page 3 Your Answer: Labor INCORRECT Land Entrepreneurial ability Capital goods ( Slavin text in ch.2 on pp.26-27 ) CORRECT ANSWER Points Received: 0 of 3...
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midterm - Sheet1 Page 1 1. Question: (TCO 1) In the...

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