Competition and Free Enterprise — Unit test Answers

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A wealth gap is an economic difference between

nations.

economic classes.

businesses.

governments.

Which of the following will be accomplished by efficient allocations of the factors of production?

guaranteeing economic success

understanding whether a product will fail

fulfilling many needs and wants of society

replenishment of limited resources

Which nation has a command economy?

Cuba

Norway

South Korea

the United States

What is the best definition of automation?

the use of robotic equipment in a manufacturing process

the application of scientific knowledge to find answers and fix problems

the use of resources to manufacture goods more efficiently

the hiring of workers from all over the world to manufacture goods

Failure to address the three questions of economics will have what kind of impact on an economy?

It will have no consequences.

It will help meet citizens’ needs and wants.

It will have negative consequences.

It will help contribute to the success of the society.

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