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Unformatted text preview: 2 Student: _______________________________________________________________________________________ True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False 1. America's business success is largely due to an economic and social climate that allows businesses to operate freely. 2. Global economics and politics have no significant influence on businesses in the United States. 3. The study of how society chooses to employ resources to produce goods and services and to distribute them for consumption among various competing groups and individuals is known as sociology. 4. Economists study how people use resources to produce and distribute goods and services for consumption among competing groups and individuals. 5. Macroeconomics is the economic perspective that looks at the operation of a nation's economy as a whole. 6. Microeconomics focuses on the decisions and behavior of people and organizations in particular markets. 7. Resource development is concerned with finding the best way to utilize the fixed amount of resources a society has available. 8. Resource development is the study of how to increase resources and to create the conditions that will make better use of those resources. 9. Peace and prosperity will flourish if we can find the one best way to divide existing resources among nations. 10. Thomas Malthus believed that overpopulation was a major cause of poverty. 11. In developing nations of the world, population has leveled off and is not expected to increase dramatically in the future. 12. Studies about the effects of population growth on the economy are part of macroeconomics. 13. Economic progress can occur when business owners provide jobs and economic growth for their employees, their communities, and themselves. 14. Economist Adam Smith's important contribution was an inquiry as to why some nations are wealthy, while others remain poor. 15. Adam Smith believed the self-interest of businesspeople would lead them to create needed goods, services, and jobs. 16. The "invisible hand" in Adam Smith's theory turns self-directed gain into social and economic benefits for all. 17. According to Adam Smith, the "invisible hand" refers to the government's effort to always keep a check on the wealth creation of individuals, so that no one business would control a market for a particular good or service. 18. A contemporary economic challenge is creating profitable businesses by selling goods and services that contribute toward a healthier environment. True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False 19. An economist is examining how consumers in the automobile market have responded to recent price increases by car manufacturers. He is examining a microeconomic situation. examining a microeconomic situation....
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