Global Business Final

An increase in demand, with no change in supply, will usually cause prices to rise.

• true
• False

Materials that come from the ground are called mineral resources.

• true
• False

When a country exports more than it imports, it has a favorable balance of trade.

• true
• False

An industry that undergoes privatization is changed from private ownership to government ownership

• True
• False

Economics is the study of how limited resources are used to satisfy unlimited wants and needs.

• True
• False

Socialism is an economic system with most basic industries owned and operated by government.

• True
• False

In market economies, most economic decisions are made by the government

• True
• False

As the demand for a product increases, price tends to decrease.

• true
• False

The first step of the decision-making process is to evaluate the alternatives.

• True
• False

The gold standard system placed the value of most major currencies in terms of silver.

• True
• False