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500
The government may take
private property by
___________, but it must
compensate owners.
A 100
Eminent domain
A 100
Why has America been referred
to as the “land of opportunity”?
a.
It provides anyone the possibility of
success through hard work.
b.
It provides jobs for all citizens.
c.
It provides farmers farmland
without levying taxes on the land.
d.
It provides money for all citizens.
A 200
C
1
A 200
In what way does the Bill of Rights
protect individuals’ freedom to
engage in business activities?
a.
It recognizes property rights.
b. It denies the government the
ability to regulate commerce.
c.
It provides free contracts.
d. It provides each industry with a
competitive edge.
A 300
A, 5th amendment private
property rights
A 300
What is considered a negative effect
of government regulations?
a.
They cut into company profits.
b.
They stifle competition.
c.
They cause higher prices for
consumers.
d.
All of the above.
A 400
D
A 400
What is the profit motive?
a.
exchange of goods
b.
money that a business
makes
c.
opportunity for success
d.
incentive to make money
A 500
D
A 500
Business cycles occur in free enterprise
systems because
a.
government policy creates cycles.
b. the efficiency of workers is not the
same from season to season, but
fluctuates on a regular basis annually.
c.
the standard of living is very high.
d. economic decisions about factors
such as prices, production, and
consumption are determined by the
market.
B 100
D
B 100
Improved technology helps create a higher standard of living for
future generations by
a.
preventing drastic shifts in general price levels.
b.
creating specialized jobs for workers.
c.
reducing the number of unemployed workers
d.
providing additional goods and services.
B 200
D
B 200
Which are the government’s three goals for
promoting economic strength?
a. high employment, steady growth, and stability
b. high employment, increased spending, and
low taxes
c. low unemployment, low prices, and low taxes
d. steady growth, high prices, and innovation
B 300
A
B 300
Why do public goods demonstrate the
limitations of a free market economy?
a. They allow consumers to make all
of the economic decisions.
b. They allow government to make some
economic decisions.
c. They allow governments to control
most economic decisions.
d. They prevent consumers from making
economic decisions.
B 400
B
B 400
Why are public goods examples of market failure?
a.
b.
c.
d.
They show that the free enterprise system does not work.
They show that competition in the free market is dangerous.
They show that the private sector is more efficient than the public sector.
They show that the free market cannot distribute certain resources efficiently.
B 500
D
B 500
Which is a positive externality of a new
high school?
a. more traffic on the roads
b. student purchases at nearby stores
c. a raise in property taxes
d. more noise in the neighborhood
C 100
B
C 100
The most common in-kind benefits are
a.
b.
c.
d.
coupons, food stamps, subsidized housing, and legal aid.
food giveaways, food stamps, subsidized housing, and legal aid.
food giveaways, food stamps, housing reimbursements, and legal aid.
food giveaways, food stamps, subsidized housing, and tuition reimbursements.
C 200
B
C 200
When did the nation’s welfare system
begin?
a.
during the Civil War
b.
during the Great Depression
c.
during the War on Poverty
d.
during World War I
C 300
B
C 300
DAILY
Place A Wager
DOUBLE
C 400
What is the biggest
difference between a
command and free market
economy?
C 400
Who answers the three
economic questions:
command- government, Free
market- producers and
consumers
C 400
In a free enterprise system, what is the
most common way that consumers make
their desires known to businesses?
a.
e-mailing or texting the companies
b.
protesting and boycotting products
c.
d.
buying or not buying products
hiring lobbyists to speak for them
C 500
C
C 500
Under a system of voluntary
exchange, final decisions are
made by
a.
producers.
b.
consumers.
c.
the government.
d.
free riders.
D 100
B
D 100
A new runway has opened up at the
airport, and citizens complain to
local officials that the noise of the
airplanes is disturbing their
neighborhood. The noise is an
example of a
a.
positive externality.
b.
free-rider problem.
c.
negative externality.
d.
market failure.
D 200
C
D 200
Why does the government
protect inventors and authors by
offering them patents and
copyrights?
a.
to encourage free trade
b.
to promote innovation
c.
to regulate the business
cycle
d.
to strengthen American
culture
D 300
B
D 300
Why has the federal government passed laws
requiring businesses to disclose product
information to the public?
a. to make buyers more knowledgeable and
safer
b. to make it hard for businesses to make an
excess profit
c. to make it easier for consumers to own property
d. to make it easy for businesses to have good
information
D 400
A
D 400
You will still be able to get a public broadcasting
channel even though you did not contribute to its
fundraising campaign. This is an example of
a.
an in-kind benefit.
b.
a market failure.
c.
a negative externality.
d.
a free-rider problem.
D 500
D
D 500
Macro v. Micro economics
E 100
Micro- local state economy
Macro- whole nation
E 100
Question Number Two E
E 200
Correct Response Two E
E 200
Question Number Three E
E 300
Correct Response Three E
E 300
Question Number Four E
E 400
Correct Response Four E
E 400
Question Number Five E
E 500
Correct Response Five E
E 500
The classification of
Mammals with pouches
F 100
What are Maruspials?
F 100
This second largest bird in the
world is native to Australia
F 200
What is the ostrich?
F 200
Australia’s wild dogs
F 300
What are dingos?
F 300
This Australian island is the
home of a devil and a wolf
F 400
What is Tasmania?
F 400
Although the National Bird of
New Zealand, it is also
indigenous to Australia
F 500
What is the Kiwi?
F 500
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