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Economics
Test Description: Chapter's 1 2 Information.
Instructions: Answer all questions to get your test result.
1) What are the four factors of production?
A
land, capital, value, entrepreneurship
B
land, capital, labor, entrepreneurship
C
entrepreneurship, land, capital, profit
D
land, capital, analysis, labor
2) Which of the following is NOT a basic economic question?
A
FOR WHOM to produce
B
WHEN to produce
C
WHAT to produce
D
HOW to produce
3) What is the fundamental economic problem?
A
value
B
utility
C
scarcity
D
capital
4) For something to have value, it must
A
never go out of style.
B
have utility.
C
cost a lot of money.
D
be on sale.
5) All of the following are characteristics of a free-enterprise economy EXCEPT
A
private property.
B
economic freedom.
C
voluntary exchange.
D
government control.
6) The government plays all of the following roles in the American economy EXCEPT
A
consumer of products.
B
central planner deciding what to produce.
C
protector of consumers.
D
regulator of business.
7) The American economic system can be described as having a
A
quota system.
B
traditional system.
C
free enterprise system.
D
command economy.
8) An advantage of a market economy is its ability to
A
adjust to changes over time.
B
sell goods at a high price.
C
control the price of labor.
D
limit consumer choices.
9) During period of inflation, people living on a fixed income have
A
unlimited resources.
B
declining purchasing power.
C
no voice in the government.
D
no financial problems.
10) How do consumers exercise their power in the American economy?
A
by becoming entrepreneurs
B
by saving their money
C
by deciding what to purchase
D
by working for businesses
*select an answer for all questions
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