02 Jun Question True or False Resource development focuses on studying the factors of production.( )
Question
True or False
Resource development focuses on studying the factors of production.( )
Capitalism is an example of a central-planning economy.( )
Under socialism, all property and industries are owned by the governmet, and wealth is redistributed through social programs.( )
People living in capitalist economies have greater incentive to work and create wealth than those living in command economies.( )
Private individuals have greater influence in a free-market economy than in a command economy.( )
A monopoly infringes on the right to compete and the right to free choice.( )
In a free-market economy, the core elements of perfect competition are a high number of sellers and a diverse selection of products.( )
Monopolistic competition is marked by many sellers who sell similar products but have found ways to distinguish among them.( )
In an oligopoly, products are differentiated by marketing and branding, and prices are similar.( )
In the United States, monopolies are generally prohibited.( )
In economic terms, demand is defined as the quantity of products that people are able and willing to buy at various prices at a given time.( )
The term demand dynamics describes the concept that consumers influence the marketplace through their choices of which products to buy or not buy.( )
The producer price index (PPI) measures prices of goods at the wholesale level.( )
14) Unemployed workers who have given up looking for work are not counted to determine the unemployment rate.( )
15) Landscapers in the northern states who are out of work during the winter months fall under the category of cyclical unemployment.( )
16) A government’s fiscal policy options to maintain economic stability are to raise or lower taxes or to borrow money.( )
17) The decline in total household wealth during the Great Recession of the late 2000s was five times greater than the decline of wealth that occurred during the Great Depression.( )
18) Securitization is a new financial vehicle developed by bankers in the early 2000s to distribute risks and
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