ECON 125-HK2 Economics for Managers Exam
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Question 1 2 points
Which of the following economic systems abolishes all private property?
communism
socialism
fascism
all of the above
Question 2 2 points
The profit motive is one characteristic of a command economy.
True
False
Question 3 2 points
In a market system, the government enforces laws ensuring that private enterprises and conditions of competition will prevail.
True
False
Question 4 2 points
The most common type of business in the United States is the corporation.
True
False
Question 5 2 points
Laissez-faire is a policy of no government intervention in the economic activities of individuals and businesses.
True
False
Question 6 2 points
In a partnership, each partner’s liability is limited to his or her contribution to the partnership.
True
False
Question 7 2 points
There are no government-regulated markets in the U.S. economy.
True
False
Question 8 2 points
Which of the following is not among the United States’ economic goals?
full employment
stable prices
healthy economic growth
equal distribution of income
Question 9 2 points
Under the U.S. market system, land and capital goods are owned mainly by
the federal government
individuals and firms
local governments
state governments
Question 10 2 points
The biggest disadvantage of a sole proprietorship is the lack of distinction between the business and the owner.
True
False
Question 11 2 points
In the United States, marketing cooperatives are most commonly found in the agriculture industry.
True
False
Question 12 2 points
Self-interest is a major tenet of...