Question Part 1 of 1 – Question 1 of 20 5.0 Points Which statement is true?

Part 1 of 1 –

Question 1 of 20 5.0 Points
Which statement is true?

A. A depression followed both World War I and World War II.

B. A depression followed neither World War I nor World War II.

C. A depression followed World War I, but not World War II.

D. A depression followed World War II but not World War I.

Question 2 of 20 5.0 Points
There was full employment in:

A. 1929 and 1942.

B. neither 1929 nor 1942.

C. 1929 only.

D. 1942 only.

Question 3 of 20 5.0 Points
Between 1939 and 1944 our national output:

A. rose by 50%.

B. nearly doubled.

C. rose by 150%.

D. nearly tripled.

Question 4 of 20 5.0 Points
The early 1930s was a period of:

A. inflation and deflation.

B. neither inflation nor deflation.

C. inflation.

D. deflation.

Question 5 of 20 5.0 Points
The name of Andrew Carnegie is most closely associated with the __________ industry.

A. steel

B. rubber

C. meatpacking

D. chemical

Question 6 of 20 5.0 Points
The transcontinental railroads were completed in the 25 years:

A. before the Civil War.

B. after the Civil War.

C. after 1890.

D. after the 20th century began.

Question 7 of 20 5.0 Points
The term “the affluent society” was coined by:

A. Michael Harrington.

B. John Kenneth Galbraith.

C. Karl Marx.

D. Adam Smith.

Question 8 of 20 5.0 Points
In order to raise our rate of economic growth we would need to:

A. increase the level of labor or capital.

B. reduce the level of labor.

C. spend more on military goods.

D. spend more on consumer goods.

Question 9 of 20 5.0 Points
Human wants are:

A. relatively limited.

B. relatively unlimited.

C. easily satisfied.

D. about equal to our productive capacity.

Question 10 of 20 5.0 Points
Whom of the following is NOT an entrepreneur?

A. Henry Ford (Ford Motor Company)

B. Tim Berners-Lee (creator of the World Wide Web)

C. John David Rockefeller (Standard Oil)

D. Bill Gates (Microsoft)

Question 11 of 20 5.0 Points
Which of the following is an example of capital?

A. Money in a Swiss bank account

B. A bulldozer

C. A CD by Metallica

D. A Dracula costume for Halloween

Question 12 of 20 5.0 Points
Tommy spends most of his monthly budget on $3 video game rentals or $6 packets of Pokemon cards. The opportunity cost to Tommy of an extra packet of Pokemon cards is:

A. one video game rental.

B. two video game rentals.

C. the cost of the Pokemon cards.

D. He does not incur an opportunity cost.

Question 13 of 20 5.0 Points
The invisible hand is:

A. perfect competition.

B. the profit motive.

C. government direction.

D. the mixed economy.

Question 14 of 20 5.0 Points
Hitler’s Germany was an example of a __________ economic system.

A. capitalist

B. fascist

C. communist

D. socialist

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