The factors of production are _____.
|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|
Capital goods are _____.
|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|
Gross Domestic Product is _____.
|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|
Consumers earn their income in _____.
|A)||the consumer sector|
|B)||the product market|
|D)||the business sector|
_____ can improve productivity.
|A)||Trading with the foreign sector|
Some of the characteristics of capitalism are _____.
|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|
The author of The Wealth of Nations was _____.
|C)||Thomas Mann Randolph|
In laissez-faire economics, the government's role is _____.
|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|
Producers offer goods and services for sale in the ____ market.
Under _____, private citizens own and use the factors of production in order to seek a profit.