Socio-Cultural Milieu and Economic Productivity Quiz
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Questions and Answers

Which of the following is an example of an investment good?

  • Electronics
  • Food
  • Machinery (correct)
  • Clothing
  • What characterizes Veblen Goods according to the text?

  • They are purchased with the expectation of future income
  • They are inferior goods
  • They are consumed more as the price rises (correct)
  • They lead to higher living standards in the long term
  • How do consumption goods differ from investment goods based on the text?

  • Investment goods contribute to daily well-being (correct)
  • Investment goods are used up immediately after purchase
  • Consumption goods are purchased with the expectation of generating returns
  • Consumption goods lead to higher living standards in the long term
  • According to Engel’s Law, what happens as income rises?

    <p>The percentage of income spent on consumption decreases</p> Signup and view all the answers

    What determines the value of economic goods according to the text?

    <p>Scarcity rather than utility</p> Signup and view all the answers

    Why is the worth of a diamond higher than that of water?

    <p>Due to its scarcity</p> Signup and view all the answers

    What is the characteristic of a centralized monetary system?

    <p>Controlled by a single authority like a government</p> Signup and view all the answers

    How do lower-income individuals allocate their income according to Engel's Law?

    <p>More on necessities like food and basic services</p> Signup and view all the answers

    What does Douglass North specialize in?

    <p>Economic history</p> Signup and view all the answers

    Which of the following is considered an input according to the text?

    <p>Cement</p> Signup and view all the answers

    What are the four categories of special inputs mentioned in the text?

    <p>Labor, land, capital, entrepreneurship</p> Signup and view all the answers

    What does allocative efficiency refer to?

    <p>Ensuring all goods and services meet the needs and wants of society</p> Signup and view all the answers

    How are legally prohibited practices impacting the economic productivity of a state addressed in the text?

    <p>They are not reflected in the productivity index</p> Signup and view all the answers

    What is the purpose of a Production Possibility Curve (PPC)?

    <p>To represent all possible combinations of two goods that can be produced</p> Signup and view all the answers

    Which economic system relies on decision-making based on ancestral practices?

    <p>Traditional Economy</p> Signup and view all the answers

    What aspect do Fundamental Economic Decisions address?

    <p>Deciding what, how, how much, and for whom to produce</p> Signup and view all the answers

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