FREE ECONOMICS AND STUDY GAMES ABOUT

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FREE ECONOMICS AND STUDY GAMES ABOUT

ECONOMICS 3 EXAM

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -30 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: Market econ in which ppl freely carry on econ affairs but are subject to some gov regulation.

Answer:

Modified free enterprise econ.Question 2: The struggle among sellers to attract consumers by offering the best products at the lowest price is known as.

Answer:

Competition

Question 3: What motivates ppl to work, save, ands invest.

Answer:

Incentives

Question 4: Rise in the general lvl prices.

Answer:

Inflation

Question 5: The 3 synonymous terms to describe the US econ system are free enterprise, capitalism, and.

Answer:

Free market

Question 6: The econ system of US is considered a.

Answer:

Free Market Capitalist Econ Question 7: Who or what does the modification in a modified free enterprise econ?

Answer:

Government

Question 8: The role of the consumer as the ruler at the market.

Answer:

Consumer sovereignty Question 9: In america Free enterprise capitalism, the profit motives can be best thought of as what?

Answer:

An Incentive Question 10: The phrase "the customer is always right" os most often associated with the term?

Answer:

Consumer sovereignty Question 11: Driving force that encourages ppl to improve their material well-bring.

Answer:

Profit Motives

Question 12: Consumers can influence the production and sales of goods by.

Answer:

"Voting" with their dollar.

Question 13: The 4 factors of production are land, labor, capital, and.

Answer:

Entrepreneurs

Question 14: Struggle among sellers to attract consumers.

Answer:

Competition

Question 15: 1 of the characteristics of a capitalist free enterprise econ is.

Answer:

Voluntary Exchange Question 16: A state gov builds a highway. Example of gov fulfilling its role as what?

Answer:

Provider

Question 17: ___ protect consumers against harm from products on the market.

Answer:

Gov Regulations

Question 18: Econ system with a combination of.

Answer:

Mixed Econ

Question 19: Who is said to have "sovereignty over a free market?

Answer:

Consumers Question 20: What gives ppl and businesses the opportunity to make their own decisions?

Answer:

Econ Freedom

Question 21: Which of the following is largely responsible for the growth of a free enterprise system?

Answer:

Profit Motives

Question 22: Econ action done or brought about by free choice.

Answer:

Voluntary Exchange Question 23: Consumers in a free enterprise econ ultimately determine ___ to produce.

Answer:

What

Question 24: Lowest legal wage that can be paid to most workers.

Answer:

Minimum Wage Question 25: The dollar value of all final goods, services, and structures produced in a country in a year is known as.

Answer:

Gross Domestic Product

Question 26: Federal program retirement benefit that covers most working ppl.

Answer:

Social Security Question 27: Someone who organizes and manages land, capital, and labor to make a profit.

Answer:

Entrepreneur Question 28: What have some states done to protect workers from adverse econ events such as layoffs and illness?

Answer:

They set up unemployment compensation programs.