14) 14) Under capitalism: A) the primary function of the government is to distri

Question

14) 14) Under capitalism: A) the primary function of the government is to distribute wealth more evenly. B) markets operate to carry out the decisions made by central planners C) utilities, health care, education, and other important services are operated by the government. D) most of the means of production and distribution are privately owned and operated for profit. 15) In a free-market economic system, the mechanism of is the key determinant 15) used to signal to producers what to produce and how much to produce. A) price C trend B) quantity D) the market curve 16) 16) A simple supply curve shows a relationship between the A) amount of time required to produce a good and the relevant production costs. B) amount of labor a firm hires and the amount of output it can produce. ) price of a good and the quantity of that good sellers are willing to offer for sale at a specific point in time. D) amount of a good a firm produces and the amount demanded by consumers 17) 17) A typical demand curve shows that: A) people tend to buy more of a good than they really want B) people tend to buy more of a good when its price decreases C) as people earn more income, they buy more of a good. D) as supply increases, the amount purchased decreases 18 18) When the supply curve and demand curve for a particular good are shown together on a single graph, the point at which the two curves intersect identifies the: A) equilibrium price of the good. B) amount of time it takes to bring together the buyers and sellers of the good. C) total profit earned by producers. D) total amount of labor that will be employed in that market. 19) exists when a large number of firms produce goods that are similar but are perceived by buyers as being different. A) Monopolistic competition C)Oligopoly B) Perfect competition D) A monopoly 20) An oligopoly is a market that is characterized by: A) a large number of small firms all producing very similar products. B) one firm that totally dominates the supply of the product. C) a few large sellers who dominate the market. D) several small firms that compete primarily by differentiating their products.

Explanation / Answer

14. D. Most of the production and distribution are privately owned and operated for profit

15. A. Price

16. C. Price of a good and the quantity of that good

17. C. As people earn more income, they buy more of a good

18. A. Equilibrium price of a good

19. A. Monopolistic Competition

20. D. Several small firms that compete primarily by differentiating their products

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