WorksheetsIntro to Biz w-1-2
Total questions: 10
Worksheet time: 15mins
Economics is the study of how a society _______________.
invests wisely in the stock market.
employs resources to produce goods and services and distribute them among competing groups and individuals.
employs statistical techniques to make predictions about the evolution of society over the long run.
governs itself for the good of its citizens.
___________ studies the operation of a nation's economy as a whole.
Microeconomics.
Socioeconomics.
Econometrics.
Macroeconomics.
____________ looks at the behavior of individual people and organizations in specific markets.
Macroeconomics.
Finite economics.
Microeconomics.
Nanoeconomics.
Which of the following would be a topic emphasized in a macroeconomics course?
Factors that determine how fast a nation's economy is growing.
How a firm decides the amount it will charge for one of its products.
How a consumer chooses which goods to buy.
The determinants of the wage rate for labor in the auto industry.
Which of the following is a basic right under capitalism?
Freedom of collusion.
Freedom from taxation.
The right to vote.
The right to compete.
The freedom of people to decide where they want to work and live and what they want to buy or sell are basic capitalist rights under:
eminent domain.
freedom of expression.
freedom of choice.
freedom of competition.
A free market is one in which decisions about what to produce and in what quantities are made by:
the Central Bank of a country
the community
the market
the legislative body
__________ is the market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product.
Oligopoly.
Monopolistic competition.
Perfect competition.
Microeconomic competition.
One of the benefits of a free market is that:
businesses provide customers with quality products at fair prices.
businesses all make the same amount of profit.
businesses do better with more government regulation.
the government dictates the number of competitors there are in each industry.
Which of the following statements provides the most accurate comparison of socialism and communism?
Under socialism, the government owns most businesses, while under communism the church owns most businesses.
Both socialism and communism want to achieve a more equal distribution of income and wealth, but under communism, the government takes more control over people's lives.
Socialism strives for an equal distribution of income but communism wants income to go primarily to those who own and operate private businesses.
Communism believes that the government should always strive to balance its budget, while socialism accepts deficit spending as the price of achieving true equality
