Abeka Economics test 1/41 Complete
Questions with Answers
Wrote the wealth of nations - -Adam smith -Used his resources wisely, made gunpowder for jefferson - -E.I. Dupont -Economy is directed by costoms and habbits - -Traditional -Economy is directed by Government - -Command -Economy is directed by an invisible hand - -Free market -Economy would a communist have - -Command -What type of good is a forklift used to transport goods - -Capital good -What type of good is a computer used for personal home use - -Consumer good -Term refers to a person who own a share of some business that produces goods - -Capitalist -Person who risks his time and money in the development of a economic enterprise - -Entrepreneur -Diligent work directed by intelligence developed under the conditions of freedom is the true source of what - -Prosperity -All people are said to be *producers* - -Consumers -A *mixed economy* provides hardly enough for people to survive - -
Subsistence -*State capitalism* is a system in which the government controls most of the
capitalism - -True -When a country finds ways to produce more goods from existing resources the prosperity of the national economy increases - -True -The prosperity and efficency of the free market economy is owed to its foundation of limited gov. Freedom of enterprise and competition and *national resources* - -Property rights
Questions with Answers
Wrote the wealth of nations - -Adam smith -Used his resources wisely, made gunpowder for jefferson - -E.I. Dupont -Economy is directed by costoms and habbits - -Traditional -Economy is directed by Government - -Command -Economy is directed by an invisible hand - -Free market -Economy would a communist have - -Command -What type of good is a forklift used to transport goods - -Capital good -What type of good is a computer used for personal home use - -Consumer good -Term refers to a person who own a share of some business that produces goods - -Capitalist -Person who risks his time and money in the development of a economic enterprise - -Entrepreneur -Diligent work directed by intelligence developed under the conditions of freedom is the true source of what - -Prosperity -All people are said to be *producers* - -Consumers -A *mixed economy* provides hardly enough for people to survive - -
Subsistence -*State capitalism* is a system in which the government controls most of the
capitalism - -True -When a country finds ways to produce more goods from existing resources the prosperity of the national economy increases - -True -The prosperity and efficency of the free market economy is owed to its foundation of limited gov. Freedom of enterprise and competition and *national resources* - -Property rights
