poli econ PRACTICE TEST 2

poli econ PRACTICE TEST 2 - PRACTICE TEST 2 1. Which of the...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
PRACTICE TEST 2 1. Which of the following us NOT one of the four assumptions of Perfect Competition? a. Producers produce largely differentiated products b. Consumers and producers have full and unrestricted information about alternative sources c. Buyers are producers are free to enter or leave any industry d. There is a large number of independently acting buyers and producers operating in the market for any products or service 2. “Social stratification” refers to: a. The division of citizens by height b. The division of citizens into upper, middle, and lower classes based on income from the capitalist system c. The division of citizens by whether they prefer using cash or debit cards d. The differences between liquid and non-liquid assets 3. Adam Smith, who introduced capitalism, believe all the following to be true EXCEPT: a. Capitalism would serve as a means to denounce feudalism and mercantilism b. Capitalism was a supposed to be a perfect system with no need for modification c. Capitalism would eventually need modifications d. None of the above 4. The four primary market types are: a. Labor, federal, open, industrial b. Labor, municipal, consumer, state c. Labor, capital, producer, industrial d. Labor, capital, consumer, industrial
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 4

poli econ PRACTICE TEST 2 - PRACTICE TEST 2 1. Which of the...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online