BML Test 1 Set 3: Question Preview (ID: 10209)

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The largest producer of goods and services in the world is
a) Japan.
b) Korea.
c) China.
d) the United States.

The largest consumer of goods and services in the world is
a) Japan.
b) Korea.
c) China.
d) the United States.

The basic economic problem stems from
a) not having enough money to pay your bills.
b) having unlimited wants and needs along with limited resources.
c) not understanding Keynes and Hayek.
d) having more resources than you can spend.

In every nation on earth,
a) economic resources are owned and controlled by the government.
b) workers have the ability to produce the same goods and services.
c) individuals have the same wants and needs.
d) people must deal with the problem of scarcity.

If everybody had an unlimited supply of economic resources, which of these would not exist?
a) scarcity
b) capitalism
c) needs
d) wants

All nations must decide
a) what combination of resources will best suit its circumstances.
b) which wants and needs are most critical.
c) which goods and services to produce.
d) all of these.

Who owns the economic resources in a market economy?
a) the people of the country.
b) the tribal elders.
c) the government.
d) business owners and entrepreneurs, but not consumers.

Another name for the economic system in the United States is
a) private enterprise.
b) capitalism.
c) free enterprise.
d) any of these.

Which of these is NOT an especially important principle of the US economic system?
a) freedom of choice
b) private property
c) tradition
d) profit

Ceteris paribus, as the price of a product increases,
a) consumers will want to purchase larger quantites of the product.
b) producers will want to supply larger quantites of the product.
c) the supply curve will slope downward.
d) demand will increase.

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