Economics Quarterly Assessment Review

Which of the following is most characteristic of the U.S. free enterprise system?

In a free market society, the answer to the question about how much to produce is determined by —

A _____ economy distributes resources unevenly amongst consumers, while a____ economy is government-controlled.

Advocates of free trade argue that it results in —

Which of the following represents capital needed to start a tailoring or garment making business?

Forcing landowners off of their property is a power the government is increasingly using. This is known as:

If a person who wants to buy a CD has just enough money to buy one, and chooses CD A instead of CD B, then CD B is the

A nation’s GDP (gross domestic product) measures

Which would cause the demand curve for cooked tomatoes to shift to the left?

Pure market (capitalist) economies almost always

In comparison to the U.S. free enterprise system the economy of China is characterized by a lack of —

Scarcity is a basic economic problem because —

Which of the following is a basic characteristic of all economic systems?

Communism has not succeeded because of:

The price of perfume has increased by $10. How will the price change likely affect the quantity demanded and supplied?

Which of the following, in any part of the world, is an example of scarcity?

Which of the following is NOT an advantage of a free market economy?

Political stability and democratic legal systems are not factors in determining the eventual prosperity of a nation.

The American capitalist economy is considered a “mixed economy” because

Paying rent instead of purchasing tickets to a concert is an example of —

Which of the following is NOT a characteristic of our American Free Enterprise Economy?

An economy in which only the government makes economic decisions is a

The market structure of pure competition is distinctive because —

All of the following are trade-offs for a student who spends a semester abroad EXCEPT: