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Homework answers / question archive / 1)The way in which a country’s resources are utilized to produce goods and services and the way those goods and services are distributed among those who desire to have them depends upon the ______________

1)The way in which a country’s resources are utilized to produce goods and services and the way those goods and services are distributed among those who desire to have them depends upon the ______________


1)The way in which a country’s resources are utilized to produce goods and services and the way those goods and services are distributed among those who desire to have them depends upon the ______________.

  1. stage of development of those resources
  2. economic system under which the country operates
  3. number of documented economically disadvantaged persons in the nation
  4. availability of tangible versus intangible resources



  1. Robert Redford created The Sundance Film Festival, where talented, young directors and producers can submit their films for review and possible screening. The festival attracts thousands of tourists each year, employs many others at various capacities, and provides important exposure to up-and-coming artists who may otherwise not be able to get their works noticed. Ultimately, the festival provides social and economic benefit for many. Adam Smith believed that one’s self-directed gain would eventually create prosperity for many, and called the process the ___________.
  1. amateur opportunity
  2. deliberate intervention
  3. opportunistic behavior
  4. invisible hand


  1. The foundation of the U.S. economic system is considered to be:
  1. capitalist
  2. socialist
  3. communist
  4. monopolistic



  1. At a young age, Eliza’s coaches were confident she had the potential to be a world-class swimmer. They encouraged her parents to do as much as they could to further develop her skills, because a future in Olympic swimming could set her up for life, including promotional endorsements and coaching positions when her competitive days were over. After four years on an athletic scholarship and Olympic experience under her belt, she chose a different path. With her savings and personal connections, she rented a corner building in a bustling San Francisco neighborhood and pursued her dream: a surf shop business. After several successful years, Eliza was certain that Adam Smith would smile because ______________.
  1. he laid the foundation for her success: she had freedom of choice
  2. Eliza deliberately set out to help others
  3. Eliza chose a career where there was very little competition
  4. unlike most business owners, owning private property was not her concern



  1. Charlie Hayes owns his own landscaping business, including all the land on which they grow their plants, and all the equipment. Charlie’s son Josh has just graduated from college with an architectural landscaping degree. Charlie hopes to retire in a few years and turn the business over to Josh, and Josh will inherit the business when Charlie dies. This is an example of the ______________ in a capitalist system.
  1. right to have a job
  2. right to private property
  3. right to compete
  4. right to freedom of choice



  1. Which of the following best describes a capitalistic nation?
  1. Most or all of the factors of production and distribution are privately owned and operated for a profit.
  2. The nation-state owns most of the factors of production and distribution, and makes central decisions with respect to the distribution of resources.
  3. The nation-state practices state capitalism. It prefers to maintain ownership of certain industries.
  4. The political system endorses several hundred entitlement programs. Business taxes support these programs that are restricted to the unemployed.


  1. In a free-market economic system, if consumers perceive the price for a state-of-the-art smartphone as too high for the value received, they are likely to avoid buying it. In the same light, if the __________.
  1. seller’s price is too low, consumers will definitely consider it of poor quality
  2. consumer’s desired price is too low, producers will want to produce an abundance of the product
  3. consumer’s desired price is too low, producers may limit the amount produced
  4. consumer’s desired price is too low, producers will refuse to make a substitute



  1. What’s going on here? As soon as Dewey Cheatum and Howe Motors increase the prices on their SUVs, then so does their only competitor, You Betcha Motors! Their prices are basically the same for similar vehicles, although their advertising says their products are really very different. What kind competition exists here?
  1. Perfect competition
  2. Monopolistic competition
  3. Oligopolistic competition
  4. Limited competition


  1. Jason’s mom specifically asked for a CIP cast iron pan for her birthday. As Jason scanned the stock in two department stores, he found ten different brands, none of which were CIP. When he found CIP in a kitchen specialty shop, he was challenged to tell the difference between his mom’s choice and the others. In his business class, he learned about ______________, where many sellers may be offering very similar products. Through various means, each seller differentiates his product from the competition.
  1. perfect competition
  2. oligopolistic competition
  3. limited competition
  4. monopolistic competition



  1. You studied for two hours each day, for an entire week, before your first marketing exam. When you turned in the test, you felt confident that your effort would pay off. At the next class meeting, your instructor said she was considering curving the grades because the class average was lower than she had anticipated. All of a sudden, your 98% score did not have the same impact that it did when you first saw it! Now the guy next to you that got an 84% is likely to have an “A” grade too. As you analyze this situation, you realize that it parallels an economic system such as ________________, where even if you work harder than another person, you are likely to realize the same benefit.
  1. capitalism
  2. monopolism
  3. oligopolism
  4. socialism



  1. Citizens of socialist nations can rely on the government to provide all of the following except:
  1. education
  2. health care

c) unemployment and retirement benefits

d) money to start a business


  1. Socialist systems tend to:
  1. encourage innovation.
  2. keep up with countries like the U.S. in the areas of job and wealth creation.
  3. discourage the best from working as hard as they can.
  4. have relatively low tax rates.


  1. ___________________are economic systems where some allocation of resources is made by the market and some by the government.
  1. Free-market economies
  2. Command economies
  3. Mixed economies
  4. Socialist economies



  1. For the last several years, the country of Amerensia has been moving from a communist country to a more mixed economic system. Which of the following most likely would not occur in Amerensia?
  1. An increase in the level of government involvement in trade.
  2. Private ownership of business.
  3. An increase in the rate at which jobs are created.
  4. More incentives for workers to work harder.



  1. In terms of economic systems, the trend has been for:
  1. countries that are mostly socialist to move toward communist systems.
  2. countries that are mostly capitalist to move toward more socialism.
  3. countries that are capitalist to move toward communism.
  4. countries to remain primarily within the economic system the country has in place.




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