Test Bank For Payroll Accounting 2023, 9th Edition All Chapters - 9781264114962.pdf

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Chapterh02h-hThehMarkethSystemhandhthehCircularhFlow


Chapter 02 Th h


he Market System and the Circular Flow
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Trueh/hFalsehQuestions


1. Ahdivisionhofhlabourhenhanceshsociety'shoutputhbyhpermittinghpeoplehtohtakehadvantagehofhe
xistinghdifferenceshinhtheirhabilitieshandhskills.
TRUE


Accessibility:hKeyboardhNavigationh Diffic
ulty:hEasy
LearninghObjective:h02-
05hDescribehthehmechanicshofhthehcircularhflowhmodel.h Topic:h02-
12hSpecialization



2. Moneyhfunctionshashahmediumhofhexchangehinhpermittinghthehreadyhcomparisonhofhthehr
elativehworthhofhheterogeneoushproducts.
TRUE


Accessibility:hKeyboardhNavigationh Diffic
ulty:hMedium
LearninghObjective:h02-
05hDescribehthehmechanicshofhthehcircularhflowhmodel.h Topic:h02-
13hDivisionhofhLabour



3. Governmenthaltershthehdistributionhofhincomehbyhmarkethintervention,hinhwhichhcasehith
modifieshthehpriceshestablishedhbyhmarkethforces.
TRUE


Accessibility:hKeyboardhNavigationh Diffic
ulty:hMedium
LearninghObjective:h02-
05hDescribehthehmechanicshofhthehcircularhflowhmodel.h Topic:h02-
14hGeographichSpecialization




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Chapterh02h-hThehMarkethSystemhandhthehCircularhFlow




4. Propertyhrightshdohnothencouragehpeoplehtohcooperate.
FALSE


Accessibility:hKeyboardhNavigationh Diffic
ulty:hEasy
LearninghObjective:h02-
02hLisththehmainhcharacteristicshofhthehmarkethsystem.h Topic:h02-
05hCharacteristicshofhthehMarkethSystem



5. Consumerhsovereigntyhmeanshthathlegislationhnowhprotectshthehrightshofhconsumershtoh
disposehofhtheirhincomeshashtheyhseehfit.
FALSE


Accessibility:hKeyboardhNavigationh Diffic
ulty:hEasy
LearninghObjective:h02-
03hExplainhhowhthehmarkethsystemhanswershthehfivehfundamentalhquestionshofhwhathtohproduce;hhowhtohproduce;hwhoh obtainshthehoutput;hh
owhtohadjusthtohchange;handhhowhtohpromotehprogress.
Topic:h02-16hActivehbuthLimitedhGovernment



6. Thehwantshofhconsumersharehexpressedhonhthehdemandhsidehofhthehproducthmarket.
TRUE


Accessibility:hKeyboardhNavigationh Diffic
ulty:hEasy
LearninghObjective:h02-
03hExplainhhowhthehmarkethsystemhanswershthehfivehfundamentalhquestionshofhwhathtohproduce;hhowhtohproduce;hwhoh obtainshthehoutput;hh
owhtohadjusthtohchange;handhhowhtohpromotehprogress.
Topic:h02-16hActivehbuthLimitedhGovernment



7. Thehguidinghfunctionhofhpriceshindicateshthat,hathequilibriumhprices,hneitherhproducths
urpluseshnorhshortageshcanhoccur.
TRUE


Accessibility:hKeyboardhNavigationh Diffic
ulty:hEasy
LearninghObjective:h02-
03hExplainhhowhthehmarkethsystemhanswershthehfivehfundamentalhquestionshofhwhathtohproduce;hhowhtohproduce;hwhoh obtainshthehoutput;hh
owhtohadjusthtohchange;handhhowhtohpromotehprogress.
Topic:h02-17hFivehFundamentalhQuestions




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Chapterh02h-hThehMarkethSystemhandhthehCircularhFlow




8. Theh"invisiblehhand"hrefershtohthehmanyhindirecthcontrolshwhichhthehfederalhgovernmenthi
mposeshinhahsystemhofhmixedhcapitalism.
FALSE


Accessibility:hKeyboardhNavigationh Diffic
ulty:hEasy
LearninghObjective:h02-
04hExplainhthehoperationhofhtheh"invisiblehhand"handhwhyhmarketheconomieshusuallyhdohahbetterhjobhthanhcommandh economieshathtransforminghe
conomichresourceshintohdesirablehoutput.
Topic:h02-21hHowhWillhthehSystemhAccommodatehChange?



9. Inhahcompetitivehmarketheconomy,hfirmshandhresourcehsuppliershwillhseekhtohfurtherhtheirhow
nhself-
interest,hbuthaththehsamehtime,hashifhguidedhbyhanh"invisiblehhand,"htheyhwillhpromotehthehpublich
interest.
TRUE


Accessibility:hKeyboardhNavigationh Diffic
ulty:hEasy
LearninghObjective:h02-
04hExplainhthehoperationhofhtheh"invisiblehhand"handhwhyhmarketheconomieshusuallyhdohahbetterhjobhthanhcommandh economieshathtransforminghe
conomichresourceshintohdesirablehoutput.
Topic:h02-21hHowhWillhthehSystemhAccommodatehChange?



10. Inhthehsimplehcircularhflowhmodelhbusinessesharehsuppliershofhfinalhproducts.
TRUE


Accessibility:hKeyboardhNavigationh Diffic
ulty:hEasy
LearninghObjective:h02-
05hDescribehthehmechanicshofhthehcircularhflowhmodel.h Topic:h02-
24hCapitalhAccumulation



11. Householdshandhbusinessesharehbothhsuppliershinhthehproducthmarket.
FALSE


Accessibility:hKeyboardhNavigationh Diffic
ulty:hEasy
LearninghObjective:h02-
05hDescribehthehmechanicshofhthehcircularhflowhmodel.h Topic:h02-
24hCapitalhAccumulation




MultiplehChoicehQuestions
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Chapterh02h-hThehMarkethSystemhandhthehCircularhFlow




12. Thehcommandhsystemhishalsohknownhas:
A. thehmarkethsystem.
B. purehcapitalism.
C. markethsocialism.
D. socialismhorhcommunism.


Accessibility:hKeyboardhNavigationh Diffic
ulty:hEasy
LearninghObjective:h02-01hDifferentiatehbetweenhlaissez-
fairehcapitalism;hthehcommandhsystem;handhthehmarkethsystem.h Topic:h02-03hThehCommandhSystem



13. TheheconomyhofhthehformerhSoviethUnionhwashbesthdescribedhas:
A. authoritarianhcapitalism.
B. mixedhcapitalism.
C. ahcommandheconomy.
D. markethsocialism.


Accessibility:hKeyboardhNavigationh Diffic
ulty:hEasy
LearninghObjective:h02-
05hDescribehthehmechanicshofhthehcircularhflowhmodel.h Topic:h02-
01hEconomichSystems



14. TheheconomyhofhNorthhKoreahmosthcloselyhapproximates:
A. purehcapitalism
B. ahcommandheconomy
C. markethsocialism
D. authoritarianhcapitalism


Accessibility:hKeyboardhNavigationh Diffic
ulty:hEasy
LearninghObjective:h02-01hDifferentiatehbetweenhlaissez-
fairehcapitalism;hthehcommandhsystem;handhthehmarkethsystem.h Topic:h02-01hEconomichSystems




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