Unit Test — Unit test Answers

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What is regulation in an economic system?

Regulation is the placing of limits or restrictions on business activity by the government.

Regulation is the placing of limits or restrictions on business activity by producers.

Regulation is the removal of limits or restrictions on business activity by the government.

Regulation is the removal of limits or restrictions on business activity by producers.

Innovation allows producers to

create goods that draw consumer attention.

follow restrictions that the government imposes.

avoid competing with similar businesses.

offer warranties for all of their products.

One of the three main questions of economics addresses who should

produce goods and services.

market goods and services.

receive goods and services.

distribute goods and services.

Which situation is the best example of regulation in an economic system?

A retail business just opened a new store in a community close to its original location.

A small clothing shop slashed it prices to attract customers from a larger department store nearby.

A farmers’ market has offered a special deal to customers from a nearby yoga school.

A state agency has been created to monitor the production and distribution of sports drinks.

Resources needed to provide goods or services are called

factors of production.

facets of production.

functions of production.

facts of production.

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