Econ Chapter 3: Free Enterprise
Authored by Tyler Harris
Social Studies
11th - 12th Grade
Used 9+ times
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28 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What is the ability of everyone to take part in the market by free choice?
Legal Equality
Free Contract
Profit Motive
Open Opportunity
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What is another name for "a situation in which everyone has the same economic rights under the law"?
Positive Externality
Negative Externality
Legal Equality
Open Opportunity
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What is infrastructure?
Consists of all the goods and services that are necessary for the functioning of society
Consists of all the government funding of goods and services for the poorer consumers
Consists of all the taxes that are used to pay for public transfer payments
Consists of all the goods and services that are extra within the functioning of society
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What is the side effect of products and/or services that affect someone other than the producer or buyer?
Profit
Infrastructure
Subsidy
Externality
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Why do producers enter a Free Enterprise Economy?
To make products
To seek profit
To provide income to lower class consumers
To create services for people
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What is a person who benefits from economic transactions they are not a part of?
Economist
Entrepreneur
Externality
Free Rider
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What is an example of a negative externality?
Fewer Oil Rigs
Industrial Pollution
Less Toxic Waste
Smaller buildings
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