what is the purpose of consumer disclosure laws (fine print)

protect consumers from financial abuse

What question do economic systems answer?

How much, how a product is produced, and by whom

strength of the free market -

freedom to act in your best interest

which is a strength of a traditional economy?

clear expectations and economic roles

which of the following agencies protects investors from fraud and waste and mismanagement

Securities & Exchange Commission

an economic system where people are free to make their own decisions

free market OR free enterprise - capitalism

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ECON 1B

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Questions 14

Answers

1
who typically makes economic decisions in a command economy?
media
government
producers
consumers
2
grants for university level scientific research represents which goal of free enterprise
competiton
free enterprise
innovation
property rights
3
what is the purpose of consumer disclosure laws (fine print)
protect consumers from financial abuse
to improve economic equality
protect banks from paying their bills
to allow higher rates of lending
4
What question do economic systems answer?
What price will goods be
What needs to be produced in the future
Why a good or product is produced
How much, how a product is produced, and by whom
5
an investor risking their own capital in a business is an example of...
profit motive
competition
full employment
property rights
6
strength of the free market -
freedom to act in your best interest
class division
government makes the hard choices
everyone has a job
7
which is a strength of a traditional economy?
international trade
clear expectations and economic roles
the primary economy
women are not included
8
which of the following agencies protects investors from fraud and waste and mismanagement
Federal Deposit Insurance Corporation
Transportation Security Administration
Securities & Exchange Commission
Environmental Protection Agency
9
when the product is more valuable than the money spent
competition
profit motive
voluntary exchange
free enterprise
10
which term is synonymous with free enterprise
utilitarianism
socialism
capitalism
communism
11
an economic system where people are free to make their own decisions
socialism
free market OR free enterprise - capitalism
traditional
command
12
an economy that can make fast and efficient mass decisions is probably....
free enterprise
capitalism
command economy
traditional economy
13
the right to own your own property
profit motive
competition
economic scarcity
property rights
14
an economic system based on customs and habits
communism
free market
traditional
capitalism

ECON 1B Flashcards | StudBud