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FC3: resource payments, allocation strategies, GDP, standard of living

Last updated about 6 years ago

5 questions

1

1

1

1

1

Question 1

1.

Match the following types of income to the correct resource.

Profit income
Rental income
Wage/Salary income
Interest income

Land
Human capital
Physical Capital
Entrepreneurship

Question 2

2.

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

Question 3

3.

Which of the following allocation strategies is used primarily in a command economy or communism?

Supply and demand

Personal characteristic

Contest

Authority

Question 4

4.

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

Question 5

5.

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