Economics: Question Preview (ID: 26067)


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What are the four factors of production?
a) land, capital, analysis, labor b) entrepreneurship, land, capital, profit c) land, capital, value, entrepreneurship d) land, capital, labor, entrepreneurship
Which of the following is NOT a basic economic question?
a) WHAT to produce b) WHEN to produce c) HOW to produce d) FOR WHOM to produce
What is the fundamental economic problem?
a) utility b) capital c) scarcity d) value
For something to have value, it must
a) have utility. b) cost a lot of money. c) never go out of style. d) be on sale.
All of the following are characteristics of a free-enterprise economy EXCEPT
a) private property. b) economic freedom. c) voluntary exchange. d) government control.
The government plays all of the following roles in the American economy EXCEPT
a) protector of consumers. b) central planner deciding what to produce. c) regulator of business. d) consumer of products.
The American economic system can be described as having a
a) free enterprise system. b) quota system. c) traditional system. d) command economy.
An advantage of a market economy is its ability to
a) limit consumer choices. b) adjust to changes over time. c) sell goods at a high price. d) control the price of labor.
During period of inflation, people living on a fixed income have
a) no financial problems. b) unlimited resources. c) no voice in the government. d) declining purchasing power.
How do consumers exercise their power in the American economy?
a) by becoming entrepreneurs b) by working for businesses c) by deciding what to purchase d) by saving their money
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