The Economic Institution

Question 1

Socialism is a system in which the government regulates the factors of production.

Revolt · Accepted Answer

T

Question 2

The term economic institution refers to the system that governs the production, distribution, and consumption of goods.

Revolt · Accepted Answer

T

Question 3

The tertiary sector emphasis shifts to getting raw materials to the manufacturer.

Revolt · Accepted Answer

F

Question 4

The global network that links millions of computers is the

Revolt · Accepted Answer

Internet.

Question 5

Technological advances are eliminating what kind of jobs?

Revolt · Accepted Answer

less-skilled

Question 6

A government that uses coercion on people lets them do what they want.

Revolt · Accepted Answer

F

Question 7

What year did Adam Smith suggest specialization of jobs?

Revolt · Accepted Answer

1776

Question 8

The secondary sector deals with getting goods and services to the consumer.

Revolt · Accepted Answer

F

Question 9

Protectionism uses trade barriers to protect foreign manufacturers from domestic competition.

Revolt · Accepted Answer

F

Question 10

Which is an economic system?

Revolt · Accepted Answer

market

The Economic Institution Answers