BML Test 1 Set 1: Question Preview (ID: 10207)


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Goods and services are purchased by
a) individuals. b) all of these. c) governments. d) businesses.
The rivalry among businesses to sell their goods and services is known as
a) entrepreneurship. b) cornering the market. c) competition. d) capitalism.
All economic resources have
a) limited supply. b) no demand. c) limited demand. d) unlimited supply.
What is the first step in the decision-making process?
a) Reflect on your decision. b) Define the problem. c) Choose a solution. d) Evaluate the possible solutions.
Goods
a) are things you buy after your basic needs are met. b) are intangible. c) are things you can see and touch. d) have no physical characteristics.
In the American system, you can own anything you can afford and decide what to do with it. This is
a) competition. b) the profit motive. c) freedom of choice. d) the right of private property.
Things that are required in order to live are called
a) wants. b) death and taxes. c) gotta-have-ems. d) needs.
Which of these is not one of the three main types of economies?
a) command b) traditional c) agricultural d) market
Which of these offers citizens the most individual freedom?
a) command economic system b) mixed economic system c) traditional economic system d) capitalistic economic system
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
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