The Economic Institution

Question 1

Socialism is a system in which the government regulates the factors of production.

Revolt · Accepted Answer

T

Question 2

The term economic institution refers to the system that governs the production, distribution, and consumption of goods.

Revolt · Accepted Answer

T

Question 3

The tertiary sector emphasis shifts to getting raw materials to the manufacturer.

Revolt · Accepted Answer

F

Question 4

The global network that links millions of computers is thea.global economy.c.Internet.b.International Business Database.d.none of the above

Revolt · Accepted Answer

C

Question 5

Technological advances are eliminating what kind of jobs?a.corporatec.nonprofitb.less-skilledd.none of the above

Revolt · Accepted Answer

B

Question 6

A government that uses coercion on people lets them do what they want.

Revolt · Accepted Answer

F

Question 7

What year did Adam Smith suggest specialization of jobs?a.1776c.2000b.1982d.1605

Revolt · Accepted Answer

A

Question 8

The secondary sector deals with getting goods and services to the consumer.

Revolt · Accepted Answer

F

Question 9

Protectionism uses trade barriers to protect foreign manufacturers from domestic competition.

Revolt · Accepted Answer

F

Question 10

Which is an economic system? a. monarchy c. dictatorship b. democracy d. market Please select the best answer from the choices provided

Revolt · Accepted Answer

D

The Economic Institution Answers