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- 1. According to Juan Bosch, what percentage of the Dominican population depended upon Rafael Trujillo for their economic livelihood? What percentage of the Dominican population worked in a business directly owned by Trujillo?NAME Rayan Abera Legal Environment PERIOD 4th. Entrepreneurship Test Chapter 8 30 POINTS. Multiple Choice Identify the choice that best completes the statement or answers the question. 1. A percentage of the price of an item that goes to a state or local government is a a. discount. c. patent. b. sales tax. d contract. 2. Which of the following terms means that you are legally able to enter into a binding agreement? legality C. agreement 6. consideration d. capacity 3. A binding legal agreement or promise to do something is a - a. c. contract. law. permit. d. license. 4. The federal agency that monitors product safety for items such as cosmetics, food items, and suntan lotions is - the a. Federal Trade Commission. b. Food and Drug Administration. C. American Bar Association. Consumer Product Safety Commission. 5. The law that established a minimum wage and maximum working hours is the a. Clayton Act. b. Fair Packaging and Labeling Act. Fair Labor Standards Act. d. Occupational Safety…e) there is no right answer. 20. The behavior of each subject of economic relations is motivated by his personal, egoistic interests in the economic system: a) market economy; b) command economy; c) a mixed economy; d) traditional economy; e) all answers are correct. 33uMM
- 39. Which of the following statements accurately represent ideas proposed by Adam Smith? a) the market system does not require any help from the government to survive. a) government should be weak. b) the government should protect domestic industry against foreign imports. c) the value of money is based on the goods it can buy d) selfishness is a good thing for society and the economy.14. The Chinese government controls all factors of production, the Chinese government has which type of economic systems? A) Capitalism B) Socialism C) Market D) CommunismQUESTION 28 Fill in the blank using the number that corresponds to the correct word or phrase in the word bank below 1. positive 2. model 3. dependent 4. normative 5. theory 6. graphs 7. models 8. law 9. independent A hypothesis that has not been rejected after widespread testing and that wins general acceptance is commonly called a A theory that has been subjected to even more testing and that has won virtually universal acceptance becomes a The real world is far too complex for the human mind so scientists use instead. A is a set of simplifying assumptions about some aspect of the real world. Economists often use to represent economic models. Hypotheses in economics typically specify a relationship in which a change in one variable causes another to change, the variable that responds change is called the variable; the variable that induces a change is called the variable. A statement of fact or a hypothesis is a statement and a statement is one that makes a value judgment
- 1. Which of the following is NOT a normative statement? Select one: a. higher interest rates should lead to increased savings b. inflation is more harmful to Ghana than unemployment c. if its minimum wage falls, Japan will be a better place d. the benefits to the economy of improved equity are less than the costs of reduced efficiency 2. Which of the following is not necessarily an outcome of international trade? Select one: a. goods being obtained at lower opportunity cost b. people specialize in activities in which they have a comparative advantage c. all individuals within trading countries benefit d. more efficient resource use 3. If a 8 percent increase in income results in a 10 percent increase in the quantity demanded of lattes, what is the income elasticity of demand for lattes, and what type of good is lattes? Select one: a. negative, and therefore lattes are a normal good b. negative, and therefore lattes are an inferior good c. positive, and therefore lattes…Some microeconomics questions, thank you for answering:)1 Islamic economics promotes economic freedom within the Islamic rules of the game. True/False - Why - 2 Given the economic crisis due to the pandemic, an Islamic firm must abandon its profit maximization goal. True/False - Why – 3 Basic food supplies for disabled persons are to be provided by the government even when they do not provide any labour input to the production process. True/False - Why - 4 To achieve al-falah (true success), a Muslim should deprive himself from enjoying all the tahsiniyyat (embellishment) elements in this world. True/False - Why - 5 Income equality is a desired goal of distribution for an Islamic economy and to achieve this goal, the government must intervene to restrict the effect of individual differences in the marketplace. True/False - Why -
- (1) Classify the following topics as relating to microeconomics or macroeconomics. (5) a. a family’s decision about how much income to save b. the effect of government regulations on auto emissions c. the impact of higher national saving on economic growth d. a firm’s decision about how many workers to hire e. the relationship between the inflation rate and changes in the quantity of moneyQuestion 1 Suppose a British Columbia has a total of 12 units of labour, which can be used to produce either computer or wheat. One computer takes 6 units of labour to produce and 100 kg wheat takes 2 units of labour to produce. (a) Explain why scarcity exists in this economy. Use the data as evidence of your reasoning. (b) What is the maximum quantity of computers that can be produced? (c) What is the maximum quantity of wheat than can be produced? (QUESTION 1 Choose the most correct answer to the following questions/phrases. Only the question number and the letter of your answer. 1.1 1.1.1 Communism and Socialism are both examples of a economy. Planned Market C Mixed D Оpen 1.1.2 In a economy various aspects of production are determined by supp demand. A Planned Market C Mixed D Open 1.1.3 An unfair and unethical phenomenon that does not occur in planned econo Social grants Over-development Monopolies Unemployment be A B D 1.1.4 In a economy consumer demand is predictable and controllable.