FREE MISCELLANEOUS AND STUDY GAMES ABOUT

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FREE MISCELLANEOUS AND STUDY GAMES ABOUT

ECONOMICS EXAM QUESTIONS

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: Struggle among sellers to attract consumers.

Answer:

Competition

Question 2: An example of a market economy is. . .

Answer:

The United States Question 3: Economic system in which provate citizens own the factors of production.

Answer:

Capitalism

Question 4: A market economy. . .

Answer:

Limits the choices of goods and sevices available.

Question 5: The role of goverment in a command economy is to. . .

Answer:

Make major economic decisions

Question 6: The concept of voluntary exchange means. . .

Answer:

People freely and willingly engage in market tranactions.

Question 7: Rise in the general level of prices

Answer:

Inflation Question 8: Economy in which people carry on their economic affairs freely but are subject to some goverment intervention and regulation.

Answer:

Modified Free Enterprise Economy Question 9: Political and economic system in which the goverment owns and controls some, but not all, of the basic productive resources.

Answer:

Socialism Question 10: Which group of people ultimately determines the products that a free enterprise economy produces?

Answer:

Consumers Question 11: Degree to which people are better off financially at the end of a specific period than they were at the beginning.

Answer:

Profit Question 12: Economic system that has some comination of traditional, command, and market economys.

Answer:

Mixed Economy

Question 13: Extent to which individuals or organizations are better off at the end of a specific period than they were at the beginning.

Answer:

Profit Question 14: Incentive that encourages people and organizations to improve their material well-being.

Answer:

Profit Motive Question 15: Program that provides retirement and disability benefits for working people.

Answer:

Social Security Question 16: Condition of the economy when the unemployment rate is lower than a certain percentage established by economists' studies.

Answer:

Full Employment

Question 17: The United States can be best described as having

• . .

Answer:

Modified Free Enterprise system

Question 18: Role of the consumers as ruler of the market.

Answer:

Consumer Sovereignty Question 19: Which of the following is a characteristic of a traditional economy. . .

Answer:

It discourges new ideas and new ways of doing things.Question 20: Feature of capitalism that allows people to own and control their possessions.

Answer:

Private Property Rights

Question 21: Act of buyers and sellers freely and willing engaging in market transactions.

Answer:

Voluntary Exchange Question 22: Sysytem in which the goverment controls the factors of production and makes all decisions about their use.

Answer:

Command Economy

Question 23: Does not increase even if proces go up.

Answer:

Fixed Income

Question 24: The minimum wage is an example of a federal law that supports. . .

Answer:

Economic equailty Question 25: Economix systems in which a central authority makes most of the WHAT, HOW, and FOR WHOM decisions.

Answer:

Command Economic Question 26: Organized way in which a society provides for the wants and needs of its people.

Answer:

Economic System Question 27: Federal program of disability and retirement benefits that covers most working people.

Answer:

Social Security Question 28: Who plays one of the most important roles in the free enterprise system by starting new businesses?

Answer:

Entrepreneurs