1 A) natural resources, labor, capital, and money B) natural resources, capital, goods, and services C) natural resources, labor, capital, and entrepreneurs D) natural resources, money, labor, and entrepreneurs 2 A) used to make other products B) used to satisfy consumer wants directly C) money, in all of its forms D) mineral deposits and fossil fuels 3 A) the total value of all goods and services produced in a single year B) the total value of all final goods and services produced in a single year C) the total value of all capital goods produced in a single year D) the total value of all labor produced in a single year 4 A) the consumer sector B) the product market C) factor markets D) the business sector 5 A) Trading with the foreign sector B) Cost-benefit analysis C) Government revenue D) Specialization 6 A) competition, profit, and government ownership of resources B) markets, government-set prices, and private property C) markets, private property, competition, and profits D) competition, profit, and production based on custom and tradition 7 The Wealth of Nations was _____.A) Alexander Hamilton B) Adam Smith C) Thomas Mann Randolph D) Thomas Jefferson 8 A) strictly limited to those few actions needed to ensure free competition in the marketplace B) to tell producers what and how much to produce C) to set prices for all goods and services produced D) to completely refrain from any involvement in the marketplace 9 A) GDP B) factor C) consumer D) product 10 A) specialization B) capitalism C) economic interdependence D) consumer sovereignty
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