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True or False Resource development focuses on studying the factors of production.( ) Capitalism is an example of a central-planning economy.( ) Under socialism, all property and industries are owned by the governmet, and wealth is redistributed through social programs.( ) People living in capitalist economies have greater incentive to work and create wealth than those living in command economies.( ) Private individuals have greater influence in a free-market economy than in a command economy.( ) A monopoly infringes on the right to compete and the right to free choice.( ) In a free-market economy, the core elements of perfect competition are a high number of sellers and a diverse selection of products.( ) Monopolistic competition is marked by many sellers who sell similar products but have found ways to distinguish among them.( ) In an oligopoly, products are differentiated by marketing and branding, and prices are similar.( ) In the United States, monopolies are generally prohibited.( ) In economic terms, demand is defined as the quantity of products that people are able and willing to buy at various prices at a given time.( ) The term demand dynamics describes the concept that consumers influence the marketplace through their choices of which products to buy or not buy.( ) The producer price index (PPI) measures prices of goods at the wholesale level.( ) 14) Unemployed workers who have given up looking for work are not counted to determine the unemployment rate.( ) 15) Landscapers in the northern states who are out of work during the winter months fall under the category of cyclical unemployment.( ) 16) A government’s fiscal policy options to maintain economic stability are to raise or lower taxes or to borrow money.( ) 17) The decline in total household wealth during the Great Recession of the late 2000s was five times greater than the decline of wealth that occurred during the Great Depression.( ) 18) Securitization is a new financial vehicle developed by bankers in the early 2000s to distribute risks and increase earnings during the housing bubble.( )

True or False

Resource development focuses on studying the factors of production.( )

Capitalism is an example of a central-planning economy.( )

Under socialism, all property and industries are owned by the governmet, and wealth is redistributed through social programs.( )

People living in capitalist economies have greater incentive to work and create wealth than those living in command economies.( )

Private individuals have greater influence in a free-market economy than in a command economy.( )

A monopoly infringes on the right to compete and the right to free choice.( )

In a free-market economy, the core elements of perfect competition are a high number of sellers and a diverse selection of products.( )

Monopolistic competition is marked by many sellers who sell similar products but have found ways to distinguish among them.( )

In an oligopoly, products are differentiated by marketing and branding, and prices are similar.( )

In the United States, monopolies are generally prohibited.( )

In economic terms, demand is defined as the quantity of products that people are able and willing to buy at various prices at a given time.( )

The term demand dynamics describes the concept that consumers influence the marketplace through their choices of which products to buy or not buy.( )

The producer price index (PPI) measures prices of goods at the wholesale level.( )

14) Unemployed workers who have given up looking for work are not counted to determine the unemployment rate.( )

15) Landscapers in the northern states who are out of work during the winter months fall under the category of cyclical unemployment.( )

16) A government’s fiscal policy options to maintain economic stability are to raise or lower taxes or to borrow money.( )

17) The decline in total household wealth during the Great Recession of the late 2000s was five times greater than the decline of wealth that occurred during the Great Depression.( )

18) Securitization is a new financial vehicle developed by bankers in the early 2000s to distribute risks and increase earnings during the housing bubble.( )

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