Answer false diff 2 type tf page ref 4 skill

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Answer: FALSE Diff: 2 Type: TF Page Ref: 4 Skill: Knowledge Objective: 1.1 8) An economic system allocates a nation’s resources among its citizens. Answer: TRUE Diff: 2 Type: TF Page Ref: 5 Skill: Knowledge Objective: 1.2
9) A command economy relies on a centralized government to control all or most of the factors of production and to make all or most production and allocation decisions. Answer: TRUE Diff: 2 Type: TF Page Ref: 5 Skill: Knowledge Objective: 1.2 10) There are several different economic systems, but they all allocate resources in fundamentally the same way. Answer: FALSE Diff: 2 Type: TF Page Ref: 5 Skill: Comprehension Objective: 1.2 11) Information resources are not needed by those businesses that produce only physical goods. Answer: FALSE Diff: 2 Type: TF Page Ref: 5 Skill: Comprehension Objective: 1.2 12) Capital is needed only at the start-up phase of a business. Answer: FALSE Diff: 2 Type: TF Page Ref: 5 Skill: Comprehension Objective: 1.2 13) The natural resources component of the factors of production includes the physical and mental capabilities of people in the work force.
Answer: FALSE Diff: 1 Type: TF Page Ref: 5 Skill: Comprehension Objective: 1.2 14) If two people exchange apples, they still each have only one apple, but if two people exchange ideas, each person now has two ideas instead of one. This example is consistent with the argument that “information” as a factor of production is conceptually different than land, labour, and capital as factors of production. Answer: TRUE Diff: 1 Type: TF Page Ref: 5 Skill: Analysis Objective: 1.2 15) In the input market, firms supply goods and services in response to demand on the part of households. Answer: FALSE Diff: 1 Type: TF Page Ref: 7 Skill: Knowledge Objective: 1.2 16) Communism and socialism are both types of command economies. Answer: TRUE Diff: 1 Type: TF Page Ref: 7 Skill: Comprehension Objective: 1.2 17) Workers in socialist countries are usually allowed to choose their occupations, but a large proportion generally work for the government.
Answer: TRUE Diff: 2 Type: TF Page Ref: 7 Skill: Knowledge Objective: 1.2 18) Capitalism relies on demand and supply in the marketplace to determine what, when, and for whom to produce. Answer: TRUE Diff: 2 Type: TF Page Ref: 8 Skill: Knowledge Objective: 1.2 19) There are more command economies in the world now than there were 30 years ago. Answer: FALSE Diff: 2 Type: TF Page Ref: 7 Skill: Knowledge Objective: 1.2 20) A GlobeScan poll of 20 000 people in 20 different countries showed that the highest support for capitalism was in the United States and the lowest level of support was in Cuba. Answer: FALSE Diff: 2 Type: TF Page Ref: 7 Skill: Knowledge Objective: 1.2 21) China’s constitution has been amended to legitimate private enterprise. Answer: TRUE
Diff: 2 Type: TF Page Ref: 7 Skill: Knowledge Objective: 1.2 22) The most important role of government is that of “regulator.” Answer: FALSE Diff: 2 Type: TF Page Ref: 9-11 Skill: Comprehension Objective: 1.2 23) The reasons why the government regulates many aspects of business

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