Economic Concepts and Principles Quiz
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Questions and Answers

What does an economy encompass?

  • Only distribution and consumption of goods and services
  • Production, distribution, trade, and consumption of goods and services (correct)
  • Production, distribution, trade, and consumption of goods only
  • Only trade and consumption of goods and services

    • What are the main factors that involve a given economy?

  • Social organization, political structure, and legal systems only
  • Culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources (correct)
  • Natural resources, labor, and capital
  • Culture, values, education, and technological evolution only

    • Who can be economic agents?

  • Individuals, businesses, organizations, or governments (correct)
  • Only businesses and organizations
  • Only individuals
  • Only governments

    • What spurs economic activity?

    <p>Production using natural resources, labor, and capital</p> Signup and view all the answers

    What has changed economic activity over time?

    <p>Technology, innovation, and changes in industrial relations</p> Signup and view all the answers

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