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FC3: resource payments, allocation strategies, GDP, standard of living
By Jeffrey See
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Last updated over 6 years ago
5 questions
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Question 1
1.
Question 2
2.
Question 3
3.
Question 4
4.
Question 5
5.
Match the following types of
income
to the correct
resource
.
Rental income
Wage/Salary income
Profit income
Interest income
Land
Human capital
Physical Capital
Entrepreneurship
Which of the following
allocation strategies
is used primarily in a market economy or capitalism?
First come first serve
Authority
Random selection
supply and demand
Which of the following
allocation strategies
is used primarily in a command economy or communism?
Supply and demand
Personal characteristic
Contest
Authority
The total dollar value of all final goods and services produced within a nation is called:
Consumer price product
Stock market product
National product
Gross Domestic product
On an individual level a person's standard of living will improve if:
you take a year off and travel
you invest in additional education and training
you buy a new car
you go to work right out of high school