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Untitled Formative
By John Henley
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Last updated over 3 years ago
10 questions
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Note from the author:
Complete this quiz for 100 points. You may google for help.
Due the day of the quiz.
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Question 1
1.
Three basic economic questions are:
What, How and For Whom?
What, Where and When?
What, How and When?
Why, What, How?
Question 2
2.
Manufactured goods needed to produce other goods and services are:
heavy equipment
long-term goods
capitol goods
consumer goods
Question 3
3.
The former Soviet Union is an example of
Capitalism
A command economy
A market economy
free enterprise
Question 4
4.
An advantage of a market economy is its ability to
control the price of labor
adjust to changes over time
sell goods at a high price
limit consumer choices
Question 5
5.
The power of the consumer in the market is :
supply and demand
opportunity costs
consumer sovereignty
the invisible hand
Question 6
6.
An entrepreneur would most likely have the best chance for success in:
A command economy
A market economy
a traditional economy
any type of economy
Question 7
7.
In a modified private enterprise economy:
there is no government intervention
entrepreneurship is prohibited
there is some government intervention
no one can hold private property
Question 8
8.
The minimum wage is an example of a federal law designed to support the goal of:
economic efficiency
full employment
economic growth
economic equity
Question 9
9.
Both parties to a transaction benefit under:
voluntary exchange
consumer sovereignty
opportunity costs
laissez-faire
Question 10
10.
The main difference between a for-profit business and a nonprofit organization is that nonprofits:
Are almost always churches
work in a businesslike way to make the best use of scarce resources
are seldom incorporated
do not seek financial gain for their members