Practice Quiz

FSOT Full Test Bank - Question List

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76. Which economic system is based on the assumption that the wealth of a nation depended on its total available capital?
  1. Capitalism
  2. Mercantilism
  3. Bullionism
  4. Feudalism
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77. What is an elastic good?
  1. A good that can be produced at many different costs
  2. A good that is valued by many different market segments
  3. A good that can be sold at any price
  4. A good whose demand changes in proportion with the price
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78. What is the gold standard?
  1. The highest quality version of a product
  2. A monetary system that links currency to the value of gold
  3. The standard price of gold on the commodities market
  4. The standard purity of gold sold on the commodities market
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79. If the demand for a product X goes down, what happens to the demand for complementary product Y?
  1. The demand for product Y goes up.
  2. The demand for product Y goes down.
  3. The demand for product Y is unaffected.
  4. There is not enough information to answer.
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80. If the demand for product X goes up, will the demand for the substitution product Y go up or down?
  1. The demand for product Y will go up.
  2. The demand for product Y will go down.
  3. The demand for product Y is unaffected.
  4. There is not enough information to answer.
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