Have an account?
Skip to Content
Build your own quiz
18 questions
Show Answers
See Preview
- 1. Multiple ChoiceThis is the social & political commitment & freedom to start their own businesses & competefree enterprise systemfree response systemfree travel systemfreedom of choice
- 2. Multiple ChoiceTrue or False: The government can't take your property without just compensation.TrueFalse
- 3. Multiple ChoiceThe driving force behind people going into business isprofit marginprofit motiveopportunity costtaxes
- 4. Multiple ChoiceThis concept insures that everyone can compete in the marketplace by opening a business:profit incentivelegal equalityopen opportunityopen market
- 5. Multiple ChoiceThe concept of giving everyone the same legal rights, equal protections & due process of law.profit incentivelegal equalityopen opportunityopen market
- 6. Multiple ChoiceThe concept that people have the right and privilege to control their possessions as they wish.legal equalityopen opportunityprivate propertyprofit incentive
- 7. Multiple ChoiceThe concept that people may decide what and when they want to buy and sell goods & servicesvoluntary exchangelegal equalityprivate propertyopen opportunity
- 8. Multiple ChoiceThe rivalry between sellers to get more customers by lowering costs & better goods/servicesvoluntary exchangecompetitionincentiveslegal equality
- 9. Multiple ChoiceThis is the study of the behavior/decision making of entire economies, not individuals.microeconomicsmacroeconomicsfinite economicseconomic models
- 10. Multiple ChoiceA period of macroeconomic expansion followed by a period of contraction.boom/busteconomic growthbusiness cyclerecession
- 11. Multiple ChoiceThis is the study of the behavior/decision making of individuals & businesses.microeconomicsmacroeconomicsrecessionexpansion
- 12. Multiple ChoiceA shared good/service that government builds because it would be impractical for an individualprivate goodpublic goodmilitary goodmarket failure
- 13. Multiple ChoiceWhat is the best measure of the economic well-being of a country?net worthGDPopen market value of goodsthe daily stock market performance
- 14. Multiple ChoiceA situation where the market does not distribute resources efficiently isa private sector problema positive externalitya negative externalitya market failure
- 15. Multiple ChoiceTrue/False: Government safety nets are called welfare or aid to the poor.TrueFalse
- 16. Multiple ChoiceThe income level that is needed to support a household isthe poverty thresholdthe standard of livinga cash transferan in-kind benefit
- 17. Multiple ChoiceA _______________ is an exclusive right to a new product or invention for a number of years.copyrightpatentincentivelegal equality
- 18. Multiple ChoiceA _______________ is an exclusive right to publish or sell a piece of written material (ex. need permission to produce a movie based on a book).copyrightpatentinventionincentive
- Answer choicesTagsAnswer choicesTags