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Social Studies
12th
grade
Chapter 3 The American Free Enterprise Systems
30 questions
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- 1. Multiple Choice
When an economy is capitalist and has free markets, it can be said that the economy is based on? (Hint: The US is this system...)
free enterprise
Limited Government
Great Recession
profit motive
private property rights
- 2. Multiple Choice
This is one of the characteristics of the U.S. economies role of the government?
free enterprise
Limited Government
Great Recession
profit motive
private property rights
- 3. Multiple Choice
This allows people to own and control their possessions as they see fit, as long as it does not interfere with the rights of others?
free enterprise
Limited Government
Great Recession
profit motive
private property rights
- 4. Multiple Choice
The dollar value of all final goods, services, and structures produced in a country in a year is known as _______ .
Gross Domestic Product
Gross National Product
franchise
profit motive
- 5. Multiple Choice
The struggle among sellers to attract consumers by offering the best products at the lowest prices is known as _______ .
voluntary exchange
profit motive
property rights
competition
- 6. Multiple Choice
What gives people and businesses the opportunity to make their own decisions?
profit motive
economic freedom
command economy
free enterprise
- 7. Multiple Choice
risk-taking individual in search of profits
regulator
entrepreneur
mixed economy
catalyst
consumer
- 8. Multiple Choice
ruler of the market in determining goods and services produced
regulator
entrepreneur
mixed economy
catalyst
consumer
- 9. Multiple Choice
The phrase "the customer is always right" is most often associated with what term?
entrepreneurship
consumer sovereignty
mixed economy
regulatory government
- 10. Multiple Choice
Who ultimately determines the success of a product?
the government
the business producing the product
the consumer
the store selling the product
- 11. Multiple Choice
Social Security is one example of how Americans have modified their free enterprise economy.
True
False
- 12. Multiple Choice
In general, people do not want their economic system to create as many jobs as possible.
True
False
- 13. Multiple Choice
What is the name of the federal health insurance program for senior citizens?
Social Security
Medicare
Medicaid
Social Care
- 14. Multiple Choice
Which of the following is currently considered one of the major economic and social goals in the United States?
conservation
preserving endangered species
clean environment
price stability
- 15. Multiple Choice
What is one of the benefits related to economic equity?
conserving resources
living on a fixed income
receiving equal pay for equal work
unemployment compensation programs
- 16. Multiple Choice
Protection from layoffs, illnesses, injuries or disabilities falls under the goal of _______ .
economic equity
economic efficiency
economic growth
economic security
- 17. Multiple ChoiceThe concept that people may decide what and when they want to buy and sell goods & servicesvoluntary exchangelegal equalityprivate propertyopen opportunity
- 18. Multiple ChoiceThis is the study of the behavior/decision making of entire economies, not individuals.microeconomicsmacroeconomicsfinite economicseconomic models
- 19. Multiple ChoiceA period of macroeconomic expansion followed by a period of contraction.boom/busteconomic growthbusiness cyclerecession
- 20. Multiple ChoiceThis is the study of the behavior/decision making of individuals & businesses.microeconomicsmacroeconomicsrecessionexpansion
- 21. Multiple ChoiceA shared good/service that government builds because it would be impractical for an individualprivate goodpublic goodmilitary goodmarket failure
- 22. Multiple ChoiceWhat is the best measure of the economic well-being of a country?net worthGDPopen market value of goodsthe daily stock market performance
- 23. Multiple ChoiceA situation where the market does not distribute resources efficiently isa private sector problema positive externalitya negative externalitya market failure
- 24. Multiple ChoiceTrue/False: Government safety nets are called welfare or aid to the poor.TrueFalse
- 25. Multiple ChoiceThe income level that is needed to support a household isthe poverty thresholdthe standard of livinga cash transferan in-kind benefit
- 26. Multiple ChoiceA _______________ is an exclusive right to a new product or invention for a number of years.copyrightpatentincentivelegal equality
- 27. 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
- 28. Multiple Choice
What is the role of producers?
Make the product
Buy the product
to carry out a government economic program
to increase the profit of other established retail stores
- 29. Multiple Choice
Most people are inspired to start a business by the
free contract clause
marginal benefit
open opportunity clause
profit motive
- 30. Multiple ChoiceTrue or False: The government can't take your property without just compensation.TrueFalse
- Answer choicesTagsAnswer choicesTags