Create an Account

Already have account?

Forgot Your Password ?

Home / Questions / One of the reasons communism failed was

One of the reasons communism failed was

One of the reasons communism failed was

a.government ran out of money.

b.workers received the same pay whether or not they worked hard.

c.there was no unemployment.

d.Leonid Brezhnev and Mao Zedong passed away.

e.technology lagged non-communistic countries.

 

 

 

12.Economic freedom is

a.the right to own property.

b.not having to pay taxes.

c.exists only in some countries.

d.affects only poor people.

e.the ability to engage in voluntary trade.

 

 

 

13.Economic freedom generally leads to

a.a higher standard of living.

b.a better living conditions.

c.longer life expectancy.

d.better education.

e.all of these.

 

 

 

14.Scarcity

a.ensures people become satisfied with less than they want.

b.exists only during a recession.

c.exists only in some countries.

d.affects only poor people.

e.requires people to make choices.

 

 

 

15.Which of the following is not a limitation one faces when shopping for clothes?

a.The amount of time available to shop

b.One's budget

c.The various styles that are available

d.The store's selection

e.The freedom to make rational choices

 

 

 

16.The heart of the economic problem is to

a.provide for full employment.

b.eliminate scarcity.

c.increase our standard of living.

d.allocate limited resources among unlimited uses.

e.increase leisure.

 

 

 

17.Is it possible to eliminate scarcity?

a.Scarcity could be eliminated if all economies of the world would work together to solve world hunger.

b.Scarcity could be eliminated if we had full employment.

c.It is impossible to eliminate scarcity, given limited resources and unlimited wants.

d.Scarcity could be eliminated if the entire world would adopt communism.

e.Scarcity could be eliminated if the entire world would adopt a free market system.

 

 

 

18.Which of the following statements is true?

a.Goods are scarcer for the poor than for the rich.

b.Goods are scarce for neither the poor nor the rich.

c.Goods are scarce for both the poor and the rich.

d.Goods are scarce for the poor but not for the rich.

e.Goods are scarce for the rich but not for the poor.

 

 

 

19.Economics is the study of

a.the allocation of scarce resources and the ways in which human decision makers utilize those resources.

b.the methods that human decision makers use to transform a scarce good into a noneconomic good.

c.how to operate a business successfully.

d.a utopian society.

e.how to make money in the stock market.

 

 

 

20.Economics is

a.concerned with the problem of scarce resources combined with unlimited wants.

b.the study of how to make money in the stock market.

c.highly theoretical and has little practical application.

d.primarily concerned with day-to-day business decision making.

e.a decision making process involving individuals and firms rather than governments.

 

Dec 14 2019 View more View Less

Answer (UnSolved)

question Get Solution

Related Questions