24 Economics Semester review
Quiz by David Trees
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- Q1
What is a benefit of the free enterprise system
All of the above
Creation of wealth
Investment opportunities
Variety of goods
30s - Q2
No special taxes, easy to manage, complete ownership, difficult to raise capital are all examples of .....
Free Enterprise
Partnerships
Corporations
sole proprietorships
30s - Q3
" Middle East Instability equals Higher prices at the Pump". How does this headline affect the circular flow model?
Firms and households will incur higher expenditures
Government expenditures and income will increase
incomes for houses will increase
Expenditures for households will decrease, but not for firms
30s - Q4
What economic system has a lack of competition?
Mixed
Capitalism
Free Enterprise
Command
30s - Q5
which economic system in the U.S. is referred to as free enterprise or free market?
Capitalist
Command
Mixed
Socialist
30s - Q6
What does a corporation primarily use to raise capital?
Investments
Selling shares
Sale of products
Donations
30s - Q7
Which of the following is a responsibility of a small business owner?
Paying payroll taxes
Advertising
Donating to charity
Employing teenagers
30s - Q8
Paying rent instead of buying tickets to a concert is an example of -
Opportunity Cost
Scarcity
Property Rights
Circular flow model
30s - Q9
If a company wants to build a new saw mill within a residential area which government action will they have to deal with?
Restrictions on building height
Zoning laws
Building a sanitation system
Approval of the mayor
30s - Q10
one seller, complete barriers to market entry, no different products are examples of-
Oligopoly
Monopoly
monopolistic competition
Pure Competition
30s - Q11
Few sellers, some price control, high market entrance barriers, some different products
Pure competition
Oligopoly
Natural monopoly
Monopoly
30s - Q12
Some cities have passed ordinances to restrict the size of houses being built on city lots. These have been put in place to-----
collect higher property taxes
ensure everyone can buy a house
protect property rights of those already there
lower building costs
30s - Q13
Pure Competition is distinctive because--
The are many barriers to entry in this market
One seller is needed
There are no examples of this market structure
There are many examples of this market structure
30s - Q14
One effect of in the amount of savings in an economy is----
a decrease in production of goods and services
an increase in financial resources for business investment
an increase in consumer spending
a decrease in retirement investments
30s - Q15
One of the benefits of renting a home is that the cost of maintenance is---
cheaper than rental property
covered by renters insurance
refunded with a deposit
the responsibility of the landlord
30s