QUIZIZZ Economics Final Exam Prep #1

The economic system that is indicative of Capitalism is known as a:

• a. Command Economy
• b. Free Market/Enterprise
• c. Mixed Economy
• d. Fascism

The economic system that is found in a Communistic political system is a:

• a. Command Economy
• b. Free Enterprise
• c. Mixed Economy
• d. Fascism

Which of the following is NOT a factor of production?

• a. Land
• b. Labor
• c. Capital
• d. Resources

The economic system that is found in a Socialistic political system is a:

• a. Command Economy
• b. Free Enterprise
• c. Mixed Economy
• d. Fascism

Karl Marx is the author of:

• a. The Wealth of Nations
• b. Atlas Shrugged
• c. The Communist Manifesto
• d. None of the above.

Which of the following does NOT characterize a command economy?

• a. The presence of competition
• b. The economic question are answered by the government
• c. Very little economic choice
• d. No private ownership

Who is considered to be “The Father of Communism”?

• a. Karl Adams
• b. John Maynard Keynes
• c. Karl Marx
• d. Jerry Seinfeld

The element of a free enterprise system which leads to excellence in production is:

• a. Profit
• b. Competition
• c. Risk
• d. Consumer Sovereignty

When an agreement can’t be reached between a labor union which represents workers and management, a(n) _____________ may occur

• a. stock marketing crash
• b. strike
• c. score
• d. uprising

When representatives of the union and management negotiate a contract for the workers it is referred to as:

• a. teamwork
• b. collective bargaining
• c. forming a league
• d. none of the above