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Economics 3 Exam
30 questions
| Question | Answer |
|---|---|
| In america Free enterprise capitalism, the profit motives can be best thought of as what? | An Incentive |
| Who is said to have “sovereignty over a free market? | Consumers |
| Who or what does the modification in a modified free enterprise econ? | Government |
| A state gov builds a highway. Example of gov fulfilling its role as what? | Provider |
| 1 of the characteristics of a capitalist free enterprise econ is. | Voluntary Exchange |
| The econ system of US is considered a. | Free Market Capitalist Econ |
| ___ protect consumers against harm from products on the market. | Gov Regulations |
| Which of the following is largely responsible for the growth of a free enterprise system? | Profit Motives |
| Consumers in a free enterprise econ ultimately determine ___ to produce. | What |
| The 4 factors of production are land, labor, capital, and. | Entrepreneurs |
| A general rise in the lvl of prices over time is known as. | Inflation |
| What have some states done to protect workers from adverse econ events such as layoffs and illness? | They set up unemployment compensation programs. |
| The 3 synonymous terms to describe the US econ system are free enterprise, capitalism, and. | Free market |
| The struggle among sellers to attract consumers by offering the best products at the lowest price is known as. | Competition |
| The dollar value of all final goods, services, and structures produced in a country in a year is known as. | Gross Domestic Product |
| What motivates ppl to work, save, ands invest. | Incentives |
| What gives ppl and businesses the opportunity to make their own decisions? | Econ Freedom |
| The phrase “the customer is always right” os most often associated with the term? | Consumer sovereignty |
| Who ultimately determines the process of a product? | The consumers |
| Consumers can influence the production and sales of goods by. | “Voting” with their dollar. |
| Struggle among sellers to attract consumers. | Competition |
| Econ action done or brought about by free choice. | Voluntary Exchange |
| Driving force that encourages ppl to improve their material well-bring. | Profit Motives |
| Market econ in which ppl freely carry on econ affairs but are subject to some gov regulation. | Modified free enterprise econ. |
| Someone who organizes and manages land, capital, and labor to make a profit. | Entrepreneur |
| Econ system with a combination of. | Mixed Econ |
| The role of the consumer as the ruler at the market. | Consumer sovereignty |
| Lowest legal wage that can be paid to most workers. | Minimum Wage |
| Federal program retirement benefit that covers most working ppl. | Social Security |
| Rise in the general lvl prices. | Inflation |
Created by:
MurilloCaleb
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