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BML Test 1 Set 1
Test Description: Test 1 Set 1
Instructions: Answer all questions to get your test result.
1) Goods and services are purchased by
A
governments.
B
all of these.
C
individuals.
D
businesses.
2) The rivalry among businesses to sell their goods and services is known as
A
capitalism.
B
entrepreneurship.
C
cornering the market.
D
competition.
3) All economic resources have
A
no demand.
B
unlimited supply.
C
limited demand.
D
limited supply.
4) What is the first step in the decision-making process?
A
Reflect on your decision.
B
Evaluate the possible solutions.
C
Choose a solution.
D
Define the problem.
5) Goods
A
are things you can see and touch.
B
are intangible.
C
are things you buy after your basic needs are met.
D
have no physical characteristics.
6) In the American system, you can own anything you can afford and decide what to do with it. This is
A
competition.
B
freedom of choice.
C
the right of private property.
D
the profit motive.
7) Things that are required in order to live are called
A
gotta-have-ems.
B
needs.
C
wants.
D
death and taxes.
8) Which of these is not one of the three main types of economies?
A
agricultural
B
traditional
C
command
D
market
9) Which of these offers citizens the most individual freedom?
A
command economic system
B
capitalistic economic system
C
traditional economic system
D
mixed economic system
10) Which of these offers citizens the least economic freedom?
A
command economic system
B
mixed economic system
C
traditional economic system
D
capitalistic economic system
*select an answer for all questions
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