Private property rights promote capitalism by

providing incentives to make, save, and spend money

Which of the following BEST defines free enterprise

businesses may compete without government interference

The Gross Domestic Product examines the

quantity of goods and services produced

Consumer sovereignty means that consumers

determine what products will be produced

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Economics & Business 2

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Questions 15

Answers

1
Use of a third party to decide how to settle a disagreement
charter
discrimination
arbitration
cooperative
2
Treatment of people on the basis of race, religion, color, gender, age, or disability
discrimination
charter
arbitration
cooperative
3
The resources needed to product goods and services are called
inputs and outputs
factors of production
factor markets
product markets
4
Private property rights promote capitalism by
aqllowing consumers to demand competitive prices
setting limits on competition among consumers
permitting consumers to control the product market
providing incentives to make, save, and spend money
5
Obligation to pursue goals that benefit society
discrimination
charter
social responsibility
arbitration
6
Government document granting permission t organize
arbitration
charter
cooperative
discrimination
7
Which of the following BEST defines free enterprise
businesses may compete without government interference
individuals may start new business ventures at no cost
individuals may buy and sell property without paying taxes
buyers and sellers may conduct business voluntarily
8
Voluntary association of people formed to carry on an economic activity that benefits members
social responsibility
arbitration
charter
cooperative
9
The Gross Domestic Product examines the
quality of final goods produced
volume of used goods sold in public markets
quantity of goods and services produced
amount of intermediate goods produced
10
Which of the following terms BEST describes an individual who starts a new business
human resource manager
laborer
production factor
entrepreneur
11
Consumer sovereignty means that consumers
exercise their economic freedom
set the prices of goods and services
practice innovation in their purchasing strategies
determine what products will be produced
12
According to the laissez-fair philosophy of economics, government should generally
stay out of the marketplace
support laborers
encurage foreign trade
help small and large businesses alike
13
Which features of capitalism is at work when buyers and sellers freely engage in transactions
competition
free enterprise
profit motive
voluntary exchange
14
When an entrepreneur starts a business that fails, the U.S. government typically
restricts competition
offers no assistance
grants financial assistance
takes over the business
15
Which of the following words BEST describes the flow of economic activity in a market system
circular
linear
sequential
back and forth

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