BML MidTerm 2: Question Preview (ID: 8046)

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In a market economy,
a) there are little piggies looking for roast beef.
b) individual people (including businesspeople, entrepreneurs, and consumers) own economic resources.
c) everything is for sale and on sale.
d) Big Brother loves you.

In a traditional economy,
a) tribal elders vote nonproducers off the island.
b) trade with the English is discouraged.
c) the economy is mainly focused on meeting people's basic needs.
d) trade is done as an addition to production.

Which of these is NOT a name for the US economic system?
a) capitalism
b) starship Enterprise
c) free enterprise
d) private enterprise

The rivalry among businesses to sell goods and services is known as
a) entrepreneurship
b) cornering the market
c) capitalism
d) competion

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) Many people want to purchase a new item that is only produced by one company.
d) Explorers discover four hundred gajillion new diamond mines in the middle of the Amazon jungle.

Which of these is most likely NOT a competitor for Tom's Tires?
a) Randy's Round Rubber Radials
b) Cindy's Circular Objects
c) Sam's Soup or Sandwiches
d) Dave's Donut-Shaped Steel-Belted Car Balloons

Who is a part of the labor force?
a) Tim, who was fired from his job as a lawyer last week but has put out 5 resumes since then.
b) Joe, who volunteers at a neighborhood charity.
c) Libby, a retired teacher.
d) Janice, who is 15 years old and works part time at a veterinarian's office.

Goods and services are made, bought and sold across national borders are known as
a) domestic business
b) interstate business
c) international trade
d) exports

Domestic business is
a) a business owned by a man and a woman involved in a romantic relationship
b) goods and services made, bought and sold within the borders of one country.
c) not an important part of any economic system.
d) business that is trained to behave in a certain way.

About how many countries does the US trade with?
a) 18
b) 180
c) 280
d) 380

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