QPA Review 2022 Part 2

Economic systems that are characterized by government control of the economic decision making process are considered to be--

• Efficient

• Communist

• Free Market

• Choice Based

One of the benefits of the U.S. free enterprise system is the--

• Amount of choices for consumers

• Guaranteed returns on investments

• Lack of union participation by workers

• Equal distribution of goods and services

Which characteristic of the U.S. free enterprise system creates the incentive to work, save, and invest?

• social security system   

• Voluntary exchanges

• Private property ownership

• Consumer sovereignty

Which of the following economic systems is characterized by a lack of competition?

• Communist

• Capitalism

• Free Enterprise

• Mixed Enterprise

Which of the following is largely responsible for the growth of a free enterprise system?

• Government

• Profit Motive

• Gross Domestic Product

• Market Efficiency

One characteristic of a free enterprise economy is_____________

• The minimum wage

• Consumerism

• Voluntary Excange

• Central planning

What two economic concepts result in the necessity of choice?

• Supply and demand

• Intrinsic value and subjective value

• Insatiability and scarcity

• Utility and marginal utitiyty

Consumers in a free enterprise economy ultimately determine_________to produce.

• When

• How

• What

• Where

From 0 friendship bracelets to 4 friendship bracelets, the opportunity cost of the cowbells would be about:

• 1

• 2

• 4

• 6

From 4 friendship bracelets to 8 friendship bracelets, the opportunity cost of the cowbells would be about:

• 2

• 4

• 6

• 8