Study

Economics Chapter 3

  •   0%
  •  0     0     0

      Back   Restart
  • What is the name of the federal health insurance program for senior citizens?
    Social Security
    Social care
    Medicare
    Medicaid
  • economic system with a combination of command, traditional, and market economies
    mixed
  • Producers and sellers fight with one another to attract consumers, while lowering costs is _____________________
    Competition
  • Which of the following is largely responsible for the growth of a free enterprise system?
    market efficiency
    Gross Domestic Product
    profit motive
    government
  • Economic equity means that it is illegal to discriminate on the basis of age, sex, race, religion, or ____.
    status
    political views
    income
    disability
  • In a free enterprise economy, who ultimately decides what gets produced?
    the government
    business owners
    consumers
    companies
  • struggle between sellers to attract consumers
    competition
  • Which of the following is currently considered one of the seven major economic and social goals in the United States?
    Clean Environment
    Conservation
    Price Stability
    Preserving endangered species
  • rise in the general level of prices
    inflation
  • People may control their possessions as they wish is ______________
    Private Property Rights
  • Inflation causes people to___________
    take more time off work
    work more to pay for basic necessities
    work the same hours for same pay
    spend less for the same amount of goods and services
  • What is an unfortunate consequence of growth under free enterprise capitalism?
    income inequality - environmental damage - market instability
  • 7. In its role as a regulator, what is the government’s primary responsibility?
    It takes a "hands off" approach to business
    It establishes laws and rules to maintain compeition
    It tells businesses what to produce and sell
    It interferes with business only when it is profitable
  • The phrase “the customer is always right” is most often associated with what term?
    Mixed Economy
    Consumer Sovereignty
    Entrepreneurship
    Regulatory Government
  • The three synonymous terms to describe the U.S. economic system are free enterprise, capitalism, and _____________.
    Competition
    Free Enterprise
    Limited government
    Economic Freedom
  • What gives people and businesses the opportunity to make their own decisions?
    Command Economy
    Economic Freedom
    Free Enterprise
    Profit Motive
  • The economic system of the United States is considered a ____.
    traditional economy
    socialist economy
    free market capitalist economy
    command economy
  • What is economic freedom?
    People may choose their jobs, employers, and how to spend their money. Businesses may choose what products to sell and how much to charge for them.
  • Voluntary exchange is
    Buyers and sellers may freely and willingly in market transactions
  • the role of the consumer as ruler of the market
    consumer sovereignty
  • ____________ protect consumers against harm from products on the market.
    Profit motives
    Government regulations
    Franchises
    Private property rights
  • Which of the following services does the federal government provide
    libraries
    education
    national defense
    sanitation
  • One of the characteristics of a capitalist free enterprise economy is ____. A) the minimum wage B) consumerism C) voluntary exchange D) central planning
    voluntary exchange
  • Explain why competition in the market place is good for consumers
    lower prices, innovation
  • driving force that encourage people to improve their material well-being
    profit motive
  • Explain the relationship between government, entrepreneurs and consumers in a modified free enterprise economy
    the gov is a regulator/protector/provider, entrepreneur’s the risk-taker in search of profits, and the consumer’s the one who dictates what products are sold
  • federal program retirement benefit that covers most work people
    social security
  • lowest legal wage that can be paid to most workers
    minimum wage
  • someone who organizes and manages land, labor and capital to make a profit
    entrepreneur
  • What have some states done to protect workers from adverse economic events such as layoffs and illnesses?
    They set up support groups.
    They set up unemployment compensation programs.
    They gave workers more time off.
    They provided every worker with insurance.
  • U.S. culture is characterized by strong consumerism, explain the impact on the US goal of economic efficiency
    Consumerism has led overuse of resources and excessive waste. Businesses produce for consumers wants impacting the environment.New tech created to combat impact
  • Market economy in which people freely carry on economic affairs but are subject to some regulation
    modified free enterprise - modified capitalism
  • The people who organize and manage land, labor, and capital are ____.
    socialists
    entrepreneurs
    bureaucrats
    franchises
  • Consumers can influence the production and sale of goods by ._____________
    Voting with their dollars- based on the consumption choices
  • 3. Between 2007 and 2009, the U.S. went through a difficult economic period called the
    The Severe Depression
    The Financial Recession
    The Great Depression
    The Great Recession
  • Name the two of the four roles government has in a modified free enterprise economy
    Protector, Provider, Regulator, Consumer
    • Your experience on this site will be improved by allowing cookies.