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