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BML MidTerm 2
Test Description: BML Midterm set 2
Instructions: Answer all questions to get your test result.
1) In a market economy,
A
Big Brother loves you.
B
everything is for sale and on sale.
C
individual people (including businesspeople, entrepreneurs, and consumers) own economic resources.
D
there are little piggies looking for roast beef.
2) In a traditional economy,
A
trade with the English is discouraged.
B
the economy is mainly focused on meeting people's basic needs.
C
tribal elders vote nonproducers off the island.
D
trade is done as an addition to production.
3) Which of these is NOT a name for the US economic system?
A
free enterprise
B
capitalism
C
starship Enterprise
D
private enterprise
4) The rivalry among businesses to sell goods and services is known as
A
entrepreneurship
B
cornering the market
C
competion
D
capitalism
5) Which of the following would likely cause prices to increase?
A
Many companies produce a food item that few people like to eat.
B
A hardware store in Florida has 250 snow shovels, and summer is approaching.
C
Explorers discover four hundred gajillion new diamond mines in the middle of the Amazon jungle.
D
Many people want to purchase a new item that is only produced by one company.
6) Which of these is most likely NOT a competitor for Tom's Tires?
A
Sam's Soup or Sandwiches
B
Dave's Donut-Shaped Steel-Belted Car Balloons
C
Randy's Round Rubber Radials
D
Cindy's Circular Objects
7) Who is a part of the labor force?
A
Janice, who is 15 years old and works part time at a veterinarian's office.
B
Libby, a retired teacher.
C
Joe, who volunteers at a neighborhood charity.
D
Tim, who was fired from his job as a lawyer last week but has put out 5 resumes since then.
8) Goods and services are made, bought and sold across national borders are known as
A
domestic business
B
exports
C
international trade
D
interstate business
9) Domestic business is
A
business that is trained to behave in a certain way.
B
not an important part of any economic system.
C
a business owned by a man and a woman involved in a romantic relationship
D
goods and services made, bought and sold within the borders of one country.
10) About how many countries does the US trade with?
A
180
B
280
C
380
D
18
*select an answer for all questions
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