1 The primary goal of business activities is profit

1 The primary goal of business activities is profit. 
Select one: True False 
2. A central issue of economics is how to fulfill an unlimited demand for goods and services in a world with limited resources. 
Select one: True False 
Most socialist nations are democratic 
Select one: True False 
4. In a free-market system, the government regulates business 
Select one: True False 

5. A product's equilibrium price is constantly changing in response to changes in economic conditions, availability of resources, and degree of competition. 
Select one: True False 
6. A severe recession may turn into a depression. 
Select one: True False 
7. Gross domestic product is the sum of all goods and services produced in a country during a year. 
Select one: True False 
8. When a nation takes more from taxes than it spends, it has a budget deficit. 
Select one: True False 
9. The Industrial Revolution brought increasing prosperity and propelled the United States into a manufacturing economy. 
Select one: True False 
10. Advertising first made consumers aware of differences in products and prices in the marketing economy. 
Select one: True False