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Multiple Choice Quiz
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1
The ranking of people according to their relative rights and responsibilities to control and utilize resources is called ___________.
A)the hierarchy of authority
B)feudalism
C)division of labor
D)aristocracy
2
The economic system in which one class of people controls the property rights to all valuable resources, including people is called ________.
A)capitalism
B)mercantilism
C)aristocracy
D)feudalism
3
Of the following, which statement would be considered to be false about money?
A)Money may increase the profitability of trade.
B)The use of money creates many new kinds of profitable business opportunities.
C)Money creates a "double coincidence of wants" between buyers and sellers.
D)Money acts as a medium of exchange.
4
The possibility of incurring future financial losses because of one's investment decisions is known as __________.
A)mercantilism
B)risk
C)business in action
D)capitalism
5
Which of the following is best identified as a business system in which a product's price differences are exploited by trading the product across markets and countries?
A)Capitalism
B)Feudalism
C)Communism
D)Mercantilism
6
The people who estimate the risks associated with a new venture and determine the ways profits from a venture should be shared are referred to as ________.
A)bankers
B)aristocrats
C)feudal lords
D)craftspeople
7
Workers or artisans with the skills to produce higher-quality goods and services are known as ________.
A)aristocrats
B)industrial revolutionaries
C)craftspeople
D)a craft guild
8
The Industrial Revolution occurred during the 18th and 19th centuries. It is noted for being the era that experienced which one of the following?
A)The demise of the feudal system.
B)The improvement of production and trade brought about by its advances in technology.
C)The creation of the banking system.
D)The replacement of the barter system with money.
9
_________ is known as being the development of new and improved products and new and improved methods to create them.
A)Innovation
B)The Industrial Revolution
C)Capitalism
D)Unionization
10
A social ranking of people based upon the amount of their capital and wealth and because of factors such as heredity, kinship, fame, and occupation is known as ________.
A)snobbishness
B)unionization
C)a class system
D)hierarchy of authority





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