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17 Cards in this Set
- Front
- Back
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T/F The U.S. economic system is based on the free enterprise system
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True
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T/F The freedom to choose one's occupation gives each individual the right to selevt a career and run a business as he or she sees fit
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True
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T/F Private and public property are the same thing
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False
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T/F In a free enterprise system, the profit motive is relatively unimportant
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False
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T/F Competition is not permitted under the free enterpise system
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False
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T/F How consumers choose to spend their money causes business firms to produce certain goods and not others
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True
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T/F The desire to earn profits and beat out the competition makes producers try to satisfy consumer demand wherever it exists
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True
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T/F Producers will continue to manufacture certain goods even when consumers do not want them
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False
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T/F What goods and services will be produced is determined by those who make or supply them
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False
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T/F The people who produce goods and services decide how the produce them
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True
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T/F Who shall receive goods and services is determined by law in a free enterprise economy
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False
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T/F A mixed market economy is basically a free enterprise system with a limited role for government
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True
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T/F Growth, security, stability, justice. and freedom are all goals of the U.S. economic system
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True
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T/F The U.S. economic system has successfully met all of its goals of providing for the wants and needs of its people
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False
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After hurrican Sandy, which of the following did NOT take place economically in the states of NY, NJ, and Deleware?
- business owners lowered prices to help people during this time - people waited in long lines to buy dwidling supplies of goods - some business owners raised prices on goods and services because of the increase in demand - people were willing to pay more in order to purchase goods that were in short supply |
business owners lowere prices to help people during this time
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Which of the following best describes "Rule of Law"?
- the government enforces all laws - the people follow all the laws - nobody is above the law - none of these |
nobody is above the law
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What goods and services are produced is based on
- only what the consumer wants, at a price consumers are willing to pay - price only - what both buyers and sellers want, at a price that each agrees on - what is in style |
what both buyers and sellers want, at a price that each agrees on
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