WEST Business & Marketing Education: Economic & Political Systems Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. What type of distribution is occurring when the cost of a good is subject to supply and demand?

Question 2 2. Which term describes the way a society organizes the production, distribution, and consumption of goods and services to meet people's needs and wants?

Question 3 3. Which of the following is the best explanation of a free market in the real world?

Question 4 4. What type of distribution is defined as goods and services given freely, without any immediate expectation of return?

Question 5 5. What form of distribution and exchange is defined as giving with the expressed expectation of immediate return?

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Question 6 6. Which one of the following statements is correct?

Question 7 7. Michael L. Smith was awarded the Physiology and Entomology Noble prize in 2015 for his research on the sting of honey bees. He contributed to which modern economic sector?

Question 8 8. Which one of the following is NOT a characteristic of capitalism?

Question 9 9. Which activity belongs in the primary sector?

Question 10 10. Which of these is NOT an example of market exchange?

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Question 11 11. Why is rewarding risk-taking an advantage to capitalism?

Question 12 12. Which of these would be considered in the realm of substantive economics?

Question 13 13. Which one of the following economic systems is characterized by state ownership of land and capital, but individuals remaining in control of their labor?

Question 14 14. The president of a land-grant college would be a part of which modern economic sector?

Question 15 15. Which of these was written by Polanyi?

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Question 16 16. How should a government behave in a capitalist system?

Question 17 17. Which of the following economic systems is characterized by state ownership of all factors of production?

Question 18 18. Which of these is not an example of redistribution?

Question 19 19.

John manages a toy factory that produces toy trains, baby dolls, and race cars. Every day he receives a list from the local government specifying how many toys he must produce, what materials to use, and how much each toy is to be sold for. He organizes the day's work accordingly.

This scenario closely aligns with which of the following?

Question 20 20. The majority of people were employed in which sector of the economy during the mid-19th century in the United States?

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Question 21 21. Which of these approaches signifies the study of how people adapt to their natural environments in order to survive?

Question 22 22. Societies with a large tertiary sector have more individuals working in the _____ industry.

Question 23 23. What determines the price of a good or service in a capitalistic economy?

Question 24 24. Which of these is defined as the studying of the planned-out, rational decisions that a society makes when determining how to use and maximize their resources?

Question 25 25. Who is credited with being the first to propose the idea of formal and substantive approaches to economics?

WEST Business & Marketing Education: Economic & Political Systems Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

WEST Business & Marketing Education (038): Practice & Study Guide  /  Business Courses
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