Q11. In economicterminology, the inputs used to makegoodsandservices are referred to as

A.

durables and nondurables.

B.

factors of production.

C.

intangibles.

D.

realoutput.

Q12. In many parts of Europe during themid-1770s, governments gaveguilds, or organizations ofproducers, the authority to control who was allowed to produce agood, the amount of the goodproduced, and the price charged for the good.

Would you expect more competition among producers in a guild system or in a marketsystem?

A.

A guildsystem, because its charter could require that members follow competitive practices.

B.

A marketsystem, but only if government imposes regulations similar to those instilled by a guild.

C.

A market system is clearly more competitive because it allows for the free entry and exit of producers.

D.

No discernable difference exists between the two systems regarding competitiveness.

Q13. Ineconomics, the term capital refers to

A.

the process of raising funds fromventurecapitalists.

B.

goods used to produce other goods.

C.

financialresources used by businesses to hire resources.

D.

the difference between afirm's assets and its liabilities.