Question

Economic Goals include:

	A.	growth
	B.	high employment
	C.	price stability
	D.	all of the above

In the economic business cycle, a period of prosperity is usually followed by:

	A.	a depression
	B.	a recovery
	C.	a recession
	D.	a spike in the stock market

Many sellers with differentiated products is categorized as:

	A.	a monopoly
	B.	an oliogopoly
	C.	monopolistic competition
	D.	perfect competition

Resources or "Inputs" include:

	A.	Land
	B.	Labor
	C.	Capital
	D.	all of the above

The system with the highest level of government control is:

	A.	Free system
	B.	Socialist system
	C.	Communist system
	D.	Democratic system

Answer 1

Answer-1. Correct option is 'D'

All of the above options are correct. National Economic Goals include efficiency, equity, economic freedom, full employment,economic growth,security and stability.

Answer-2. Correct option is 'D'

In the economic business cycle, a period of prosperity is usually followed by a spike in the stock market. The business cycle describes the circular pattern of boom and bust that capitalist economies routine undergo. The prosperity phase, also sometimes called the expansion phase occurs when the economy is quickly growing. A spike of stock market is a comparatively large upward and downward movement of a price in a short period of time. So, a period of prosperity is usually followed by a spike in the stock market.

Answer-3. Correct option is 'C'

Many sellers with differentiated products is categorized as monopolistic competition. Under monopolistic competition, many sellers offer differentiated products, products that differ slightly but serve similar puposes. By making consumers aware of product differences, seller exert some control over price.

Answer-4. Correct option is 'D'

All of the above options are correct. Factor of production in economic term that describe the inputs used in the production of goods or services in order to make an economic profit. The factors of production typically include land, labour, capital, enterpreneurship, and the states of technological progress.

Answer-5. Correct option is 'C'

The system with the highest level of government control is Communist system. A communist economy is one in which the government owns all or most enterprises.