Consumer sovereignty means that________________?

A. Production depends on supply and demand
B. Consumers create demand
C. Producers supply what is demanded
D. All of the above

Socialism and communism both call for________________?

A. Government controlling parts of the economy for the common good
B. Revolutionary change
C. Abolition of private property
D. Totalitarian government and dictatorship of the proletariat

The Industrial Revolution shifted the emphasis in ownership from land to______________?

A. Gold and silver
B. The means of production machines tools materials
C. Serfs
D. Precious spices

When a few powerful corporation dominate as industry the condition is called_____________?

A. A free market for all
B. Oligopoly
C. Government control
D. None of the above

When the American Cigar Co buys a pizza chain the process is called________________?

A. Monopoly
B. Diversification
C. Planned obsolescence
D. Takeover attempt

Today most workers in the United States are employed in the_________________?

A. Primary sector
B. Secondary sector
C. Tertiary sector
D. Quaternary sector

The following factors are important in production_______________?

A. Water space air
B. Earth wind fire
C. Animal vegetable object
D. Technology time efficiency

What kind of a system is the economic institution ?

A. Cultural and social
B. Religious and educational
C. Semantic and semitic
D. Typically, american

Professionalization means________________?

A. Everyone is called by a title
B. The same as unemployment
C. There is a decrease in polarization
D. Having theoretical knowledge in addition to training

Public government agencies are________________?

A. Firms
B. Households
C. Markets
D. Central authorities