CE 11 Review #3: Question Preview (ID: 14923)

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The money earned after all expenses have been paid is called?
a) Profit
b) Debt
c) Taxes
d) Investment

The right of individuals and businesses to own real and personal property as well as the means of production without undue government interference is?
a) Profit
b) Consumer Sovereignty
c) Competition
d) Private property

In the United States, consumers have the ability to determine what goods and services will be produced through their purchases. This is called?
a) Centrally planned economy
b) private property
c) lack of consumer choice
d) consumer sovereignty

All of the following are characteristics of the U.S. economy EXCEPT?
a) Free markets
b) Private property
c) No competition
d) Consumer sovereignty

The ability of businesses to sell similar products, resulting in higher quality goods at a lower price, represents which characteristic of the U.S. economy?
a) Consumer Sovereignty
b) Competition
c) Private property
d) Free Markets

What is the main role of the consumer in the U.S. economy?
a) To determine through their purchases what will be produced
b) To buy all goods at any price
c) To make products for themselves
d) To operate the economy without undue influence

The ability of businesses and individuals to own the means of production represents what aspect of the U.S. economy?
a) Competition
b) Consumer Sovereignty
c) Free Markets
d) Private Property

The ability of markets to operate with little government interference is what characteristic of the U.S. economy?
a) Free markets
b) Competition
c) Private property
d) Consumer sovereignty

How does competition help consumers?
a) Determines quality and pricing expectations
b) Determines the amount of profit
c) More stores carry the same items
d) More items at higher prices

Reggie earned $100 by selling lemonade. His expenses to set up the stand and make the lemonade were $50. To figure out his profit, Reggie must?
a) Add his earnings to his expenses
b) Do nothing else
c) Multiply his earnings times his expenses
d) Subtract his expenses from his earnings

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