Economic Test 1

Who wrote The Wealth of Nations?

• Karl Marx
• John Locke
• Thomas Hobbes
• Adam Smith

Who used his resources wisely to make gunpowder for President Jefferson?

• John Adams

• E. I. du Pont

• Pierre Samuel du Pont

• Adam Smith

What type of economy is directed by customs and habits?

• traditional economy

• free market economy

• command economy

• mixed economy

What type of economy is directed by government?

• traditional economy

• free market economy

• command economy

• mixed economy

What type of economy is directed by an "invisible hand"?

• traditional economy

• free market economy

• command economy

• mixed economy

What type of economy would a Communist-controlled country have?

• traditional economy

• free market economy

• command economy

• mixed economy

What type of good is a forklift that is used to transport imported goods within a warehouse?

• capital

• imported

• consumer

• specialized

What type of good is a computer that is used for personal home use?

• capital

• imported

• consumer

• specialized

What term refers to a person that owns a share of some business that produces goods?

• distributor

• capitalist

• entrepreneur

• supplier

Who is the person that risks his investment of time and money in the management of an economic enterprise?

• distributor

• capitalist

• entrepreneur

• supplier