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Economics Review: Free Enterprise, etc. Flashcards | StudBud
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Economics Review: Free Enterprise, etc.
Economics Review: Free Enterprise, etc.
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Questions
20
Answers
1
Can the gov't force you to give up your private property to someone else for their private use?
No, because it's being given for someone else's private use
Yes, but only if they give you fair compensation
as long as Obama says it's OK
yes, without any compensation
2
Voluntary exchange is defined as...
giving or donating to charities/organizations
using ebay
buyers & sellers willingly trading
people buying and selling goods
3
True or False: Profit motive encourages people to work harder
False
Not w/ Obama in office; everyone wants freebies!
True
4
This type of business offers the greatest protection from legal liability
partnership
entrepreneurship
sole proprietorship
corporation
5
Can free enterprise exist in a COMMAND economy?
No
What's a command economy?
Yes
6
The ______ is considered a prime example of a free enterprise system
European Union
U.S.
United Nations
Soviet Union
7
The #1 ultimate reason most people start their own business is
to not have to listen to others
to make their own schedule
to be their own boss
to make money/profit
8
_______________ is the freedom of people & business to operate w/ little to no govt involvement
Free Enterprise
Freedom
Supply & Demand
Socialism
9
The U.S. is in which position of the top 10 economically freest countries on the earth?
10 (thank you, President Obama!)
3
5
1
10
Can free enterprise exist in a MARKET economy?
No
Yes
Not with the current idiot in the White House
11
In this type of company, there often are many people who own a part, or "share," of the company
corporation
entrepreneurship
sole proprietorship
partnership
12
The idea that a person is willing to take economic risk in order to gain something is known as
capitalism
entrepreneurship
law of supply & demand
profit motive
13
What type of business is it when you are the only owner/boss?
Limited partnership
Partnership
Corporation
Sole proprietorship
14
True or False: The unemployment rate can go down even if
fewer
people are working
False
Just look at the last several years of the Obama Admin.!
True
15
The 5th Amendment says the gov't can only take your property if it gives you...
lower taxes
the same item in return
a place to live
fair price/compensation
16
True or False: The Constitution says something about your property rights
True
Really?
False
17
This type of business offers the greatest risk to the owner
entrepreneurship
Sole proprietorship
corporation
partnership
18
Voluntary exchanges are more likely to exist in which type of economy?
Market
Traditional
Command
Mixed
19
This is the largest corporation in the world
AT&T
Wal-Mart
McDonald's
General Motors (GM)
20
Can free enterprise exist in a mixed economy?
No
Yes
Not if Obama gets his way!
