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Economy

Quiz by Brad Yarbrough

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21 questions
Show answers
  • Q1
    Over the last few decades, television programming in the United States has become available through a number of services such as cable, satellite, and the Internet. How does this trend demonstrate an effect of the free enterprise system?
    Stronger copyright laws have limited access to new shows.
    Increased market competition has resulted in more choices for consumers.
    Higher capital costs have resulted in more investment opportunities.
    Increased government regulation has led to higher prices.
    30s
  • Q2
    Which result is a benefit of the free enterprise system?
    International trade creates a dependency among economic partners.
    Individuals have the freedom to choose what to produce and consume.
    Government officials ensure wealth and resources are distributed efficiently.
    Monopolies ensure the profitability of specific economic sectors.
    30s
  • Q3
    Which statement best describes the relationship between supply and demand?
    A product with high demand and low supply will experience an increase in price.
    A product with high demand and high supply will experience a decrease in price.
    A product with low demand and high supply will experience no change in price.
    A product with low demand and low supply will experience an increase in price.
    30s
  • Q4
    What is the value of goods and services produced in a country within a year called?
    net national output
    gross domestic product
    per capita gross domestic product
    national income
    30s
  • Q5
    What type of industry is concerned with farming and the raising of livestock? Select one:
    manufacturing
    retail
    agriculture
    service
    30s
  • Q6
    Which factor contributed to countries along the Atlantic Ocean expanding trade with countries along the Pacific Ocean during the twentieth century?
    Signing of the North American Free Trade Agreement
    Introduction of high-speed rail
    Opening of the Panama Canal
    Creation of new faster sailing ships
    30s
  • Q7
    How have the volcanoes of Central America benefited agriculture?
    fertile soil
    fossil fuels
    flooding
    timber
    30s
  • Q8
    Which scenario shows the results of competition in a free enterprise system?
    A personal computer company must use a different song in its ads due to copyright laws.
    Two companies merge to control the market share in an economic sector.
    The price of personal computers decreases as more companies develop computers.
    A business publishes safety information about a product because of state laws.
    30s
  • Q9
    Which of the following economic activities are people free to do under the free enterprise system?
    own a state-operated business
    start their own business
    not pay taxes
    engage in predatory competition
    30s
  • Q10
    Which of the following is an example of a secondary industry?
    research and development
    fishing
    dentist office visit
    car factory
    30s
  • Q11
    Which physical geography in Europe negatively affects the distribution of goods?
    A warm, temperate climate allows for year round work in Europe.
    Navigable rivers and harbors provide many European cities with trading ports.
    Mountain barriers have closed off access to overland routes in Europe.
    Numerous highways have been built across the Northern European Plains.
    30s
  • Q12
    Socialism is...
    an economic system where the factors of production are owned by private businesses
    an economic system where the factors of production are owned by the government and the main goal is to distribute the money fairly.
    an economic system where the factors of production are owned by a few wealthy people
    an economic system where the factors of production are owned by the people only and the main goal is to distribute the money to a few individuals
    30s
  • Q13
    What is one negative consequence of the free enterprise system?
    There are few options for consumers.
    There are few incentives for innovation.
    Information for central planning is limited.
    Wealth is distributed unequally.
    30s
  • Q14
    Which of the following is not a service?
    buying clothes at JCPenney
    haircut
    doctor's office visit
    auto repairs
    30s
  • Q15
    What industry distributes goods to others by storing large amounts for companies and then selling smaller amounts to consumers?
    Manufacturer
    Services
    Retailer
    Wholesaler
    30s

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