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9 - According to Adam Smith, how were changes in production at the pin factory an example of how capitalism could benefit the entire community?
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- 2. Professor Moretti described the Great Divergence within the American economy. Explain the origins of this divide. Which geographic regions are most impacted? Which demographics are impacted most? What is the role of globalization in reinforcing this divide?1. What were the causes that led to the rise of the industrial economies and what were their link to imperialism and colonialism?21. What institution is possibly more strongly associated with capitalism than any other author?
- 9- Prior to industrial revolution sales team was not required because: a. People do not want to sell anything b. Marketing was not considered as a subject at that point of time c. Small Scale Enterprises were dominant in the economic scene d. People were not considered as a subject at that point of time12- Capitalist economies have these features, except __________. a. State control of the factors of production b. Profit motive c. Consumer's freedom d. Private ownership of resources11- One research is being conducted about how gold prices change due to the changing preferences of individual consumers. Research such as these belong to the study of ______________. a. International economics b. Microeconomics c. Macroeconomics d. Public economics
- 6- Which of the following is not found in a capitalist economy? a. Competition among enterprises b. Central Economic Planning c. Freedom to start business d. Profit motive7. Communism in China failed in part because: Pick one A. Government was unsuccessful in getting people organized B. People had no self-interest in the outcomes of their labor C. Large farms were not well suited to China28- If the resources in an economy is fully owned by the government, such economies are called_____. a. Command economy b. Capitalist economy c. Economic system d. Mixed economy
