Eco: (2.41) Characteristics of Am. Free Ent. Quiz
Authored by Mark Wise
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
1. Which characteristic of free enterprise is the act of buyers & sellers freely & willingly engaging in market transactions?
Economic Freedom
Voluntary Exchange
Private Property Rights
Profit Motive
Competition
2.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
2. What is an economic system in which private citizens own and use the factors of production in order to generate profits?
socialism
individualism
communism
capitalism
3.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
3. The difference between revenue from sales and the full opportunity cost of resources involved in producing the products sold is called what?
profit
competition
stock
inventory
4.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
4. The struggle among sellers to attract consumers is called what?
profit
competition
stock
inventory
5.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
5. Which characteristic of free enterprise gives consumers a choice in buying decisions and businesses a choice in hiring decisions?
Economic Freedom
Voluntary Exchange
Private property Rights
Profit Motive
Competition
6.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
6. Which characteristic of free enterprise provides an incentive to improve one’s material well-being?
Economic Freedom
Voluntary Exchange
Private Property Rights
Profit Motive
Competition
7.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
7. Which characteristic of free enterprise assures that unpopular products will cease to be on the market?
Economic Freedom
Voluntary Exchange
Private Property Rights
Profit Motive
Competition
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