Untitled Formative - John Henley | Laabri | Nneɛma a ɛma wotumi yɛ ade

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Three basic economic questions are:

What, How and For Whom?

What, Where and When?

What, How and When?

Why, What, How?

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Manufactured goods needed to produce other goods and services are:

heavy equipment

long-term goods

capitol goods

consumer goods

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The former Soviet Union is an example of

Capitalism

A command economy

A market economy

free enterprise

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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

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The power of the consumer in the market is :

supply and demand

opportunity costs

consumer sovereignty

the invisible hand

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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

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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

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The minimum wage is an example of a federal law designed to support the goal of:

economic efficiency

full employment

economic growth

economic equity

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Both parties to a transaction benefit under:

voluntary exchange

consumer sovereignty

opportunity costs

laissez-faire

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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