Chapter 7 Test Part 2 Question Preview (ID: 11434)
Part 2.
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What and how much the consumer wantes to buy
a) demand
b) supply
c) wants
d) needs
things a person would like to own but can do without
a) mint
b) standard of living
c) wants
d) supply
the place where coins are made
a) wants
b) mint
c) supply
d) needs
One advantage of a consumer-driven economy is competition
a) true
b) false
c)
d)
Manufacturing is the movement of money from person to person or place to place
a) true
b) false
c)
d)
In a socialist economy, the government owns and controls one or more of the major resources
a) true
b) false
c)
d)
The consumer does not have a choice when he selects a product with a monopoly
a) true
b) false
c)
d)
A contry rich in resources tends to have a lower standard of living
a) true
b) false
c)
d)
Some businesses are owned by the government and some by the people
a) capitalist economy
b) communist economy
c) socialist economy
d)
The government controls the supply, decides what items to produce, and determines the prices for those items
a) capitalist economy
b) communist economy
c) socialist economy
d)
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