A QUIZ on Economic System 

What are the major components of any society's economy?

foraging, horticulture, and pastoralism

production, exchange, and money

production, distribution, and exchange

Which of the following are characteristic of  Which of the following is characteristic of 

the use of money as a means of exchange

the ability to accumulate vast amounts of capital

none of the above

Special purpose money consists of ___________.

objects that serve as a medium of exchange in only limited contexts

a portable, arbitrarily valued medium of exchange that can be used to purchase anything 

Both of the above

Which of the following is generally true of pastoralist societies in East Africa?

Cattle functioned as their special purpose money in the past.

Women use their livestock to pay a bride price when they get married.

They have successfully resisted the use of general purpose money.

Which of the following statements is true concerning the introduction of general-purpose money into societies that have non-market economies?

It makes it easier to carry out trade and gives individuals the ability to accumulate wealth.

It results in the economic independence for the society as a whole.

It rarely has a powerful effect on the non-market economy.

What characterizes a laissez-faire approach to economics?

Government hands-off

Markets relied-upon to perform allocations

Both of the above

 With what kinds of topics does macroeconomics concern itself? 

Forces of supply and demand in a particular market 

Consumer behavior and firms output decisions 

Aggregate economic phenomena like the rate of unemployment & inflation.

How is labor productivity defined?

The level of output produced per capita.

The level of output produced per worker

The level of output produced as a share of GDP

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