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True or FalseResource development focuses on studying the factors of production.( )Capitalism is an example of a central-planning economy.( )Under socialism, all property and industries are owned by the governmet, and wealth is redistributed through social programs.( )People living in capitalist economies have greater incentive to work and create wealth than those living in command economies.( )Private individuals have greater influence in a free-market economy than in a command economy.( )A monopoly infringes on the right to compete and the right to free choice.( )In a free-market economy, the core elements of perfect competition are a high number of sellers and a diverse selection of products.( )Monopolistic competition is marked by many sellers who sell similar products but have found ways to distinguish among them.( )In an oligopoly, products are differentiated by marketing and branding, and prices are similar.( )In the United States, monopolies are generally prohibited.( )In economic terms, demand is defined as the quantity of products that people are able and willing to buy at various prices at a given time.( )The term demand dynamics describes the concept that consumers influence the marketplace through their choices of which products to buy or not buy.( )The producer price index (PPI) measures prices of goods at the wholesale level.( )14) Unemployed workers who have given up looking for work are not counted to determine the unemployment rate.( )15) Landscapers in the northern states who are out of work during the winter months fall under the category of cyclical unemployment.( )16) A government’s fiscal policy options to maintain economic stability are to raise or lower taxes or to borrow money.( )17) The decline in total household wealth during the Great Recession of the late 2000s was five times greater than the decline of wealth that occurred during the Great Depression.( )18) Securitization is a new financial vehicle developed by bankers in the early 2000s to distribute risks and increase earnings during the housing bubble.( )
