Midterm Answers
Submitted by: Submitted by mikennadi
Views: 348
Words: 2893
Pages: 12
Category: Business and Industry
Date Submitted: 11/22/2012 05:15 PM
Question: | (TCO 1) Entrepreneurship (one of four economic resources or production factors) is: |
Student Answer: | | | The financial capital necessary to launch a new business. | | |
| | Unskilled labor. | | |
| | The physical capital resources used to produce goods and services. | | |
| | The talent to develop new products and processes and to organize production to make goods and services available. | Slavin text in ch.2 on p.27 | CORRECT ANSWER |
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Points Received: | (not graded) |
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2. | Question: | (TCO 1) In the Circular Flow Model, Businesses ___ the resources market and ___ the market for goods and services. |
| Student Answer: | | | supply to; supply to | | |
| | supply to; buy from | | |
| | buy from; supply to | Slavin text in ch.3 on pp.54-55 | CORRECT ANSWER |
| | buy from; buy from | | |
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| Points Received: | (not graded) |
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3. | Question: | (TCO 1) In the Circular Flow Model, Households___ the resources market and ___ the market for goods and services. |
| Student Answer: | | | supply to; supply to | | |
| | supply to; buy from | Slavin text in ch.3 on pp.54-55 | CORRECT ANSWER |
| | buy from; supply to | | |
| | buy from; buy from | | |
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| Points Received: | (not graded) |
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4. | Question: | (TCO 1) The United States has a mixed economy because we: |
| Student Answer: | | | employ both foreign and domestic workers | | |
| | sell both foreign goods and domestic goods | | |
| | produce goods for both domestic and foreign markets | | |
| | buy goods produced and distributed by both the government and private sectors. | Slavin text in ch.3 on pp.49-51 | CORRECT ANSWER |
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| Points Received: | (not...
