stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Chapter 3 Flashcards | StudBud
Explore
/
Chapter 3
Chapter 3
19 terms
·
StudBud Administration
·
46 plays
AMERICAN FREE ENTERPRISE ND
Flashcards
19 cards
F
Practice quiz
P
Host live
L
Questions
19
Answers
1
public goods are financed by the
public sector
big business
private sector
market sector
2
The two markets in the circular flow are the
product and goods markets
factor and resource markets
resource and product markets
product and factor markets
3
Your textbook states that emerging markets (Singapore & Mexico) have free enterprise markets
that have more government involvement than the US
that have the same government involvement as the US
that have less government involvement than the US
that are not true free enterprise markets
4
direct payments of money by the government to poor,disabled or retired
medicaid
public transfer payment
paycheck advancement
social security
5
the role of the government in a free enterprise system
it forms companies and allows private individual to run them
it controls all decisions made about business activities
it follows a strict policy of laissez-faire
it regulates business when the public interest is involved
6
How do public goods demonstrate the limitations of a free economy
they allow government to make some economic decisions
they allow consumers to make ALL economic decisions
they give access only to those who pay
they prevent consumers from making economic decisions
7
The US Free Enterprise System is an example of
a command economy
a mixed economy
a market economy
capitalism
8
Money & goods move between
all
markets & players in the Modified Free Enterprise Circular Flow
False
True
9
I make a painting using $20 in materials. I then sell the painting for $50. My
profit
is:
$50
$70
$20
$30
10
Something is generally considered to be a public good if
taxpayers demand that the government provide the service
nonexcludability
nonrivalry in consumption
the benefits of the good are greater
11
A positive side effect of a public or private good is called a
optimism
externality
good vibes,dude
factor
12
the principle that everyone has the same legal rights
equal rights amendment
welfare
work ethic
legal equality
13
Which of the following IS a right (there may be more than 1) in a free enterprise economy?
Legal equality
Private property rights
Free contract
Profit motive
14
traffic
: a new high school opens and taxpayers from a different town complain about the
traffic
market failure
positive extrenality
negative externality
infrastructure
15
You can still use a public park even though you don't pay property taxes.
an in-kind-benefit
meet government regulations
a free-rider problem
free ticket to ride -the E-ticket clause
16
What is the profit motive?
opportunity for sucess
incentive to make money
exchange of goods
money that a business makes
17
Which of the following expresses a market failure
My wifi has a password and my cousin uses it after asking
My wifi has no password & people use it without my knowledge
I buy ice cream and get free whipped cream on top
I buy ice cream, drop it, & the store employee cleans it up
18
Which of the following is
not
a player in the Modified Free Enterprise circular flow model
households
businesses
legal rights
government
19
Free enterprise means
anyone is able to start a business
you must pay for public goods
starting a business costs no money
public goods are free
