Podcast
Questions and Answers
All of the following are factors of production except:
All of the following are factors of production except:
The United States mainly has what type of economic system?
The United States mainly has what type of economic system?
In a command economy, who controls the factors of production?
In a command economy, who controls the factors of production?
Profit incentive is an important part of which economic system?
Profit incentive is an important part of which economic system?
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Which of the following problems do all economic systems face?
Which of the following problems do all economic systems face?
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Which of the following is NOT one of the 4 pillars of free enterprise?
Which of the following is NOT one of the 4 pillars of free enterprise?
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Which of the following is an example of a time deposit?
Which of the following is an example of a time deposit?
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What organization insures most banks?
What organization insures most banks?
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Study Notes
Multiple Choice Questions
- Question 21: Free enterprise is not a factor of production; land, labor, and capital are.
- Question 22: The United States has a market economic system.
- Question 23: In a command economy, the government controls the factors of production.
- Question 24: Profit incentive is a key part of a market economic system.
- Question 25: All economic systems face the problem of allocating scarce resources, deciding what to produce, and how to produce it.
- Question 26: Free enterprise's four pillars include private property, entrepreneurship, capital, and the price system. A key point to focus on is that free enterprise's pillars are crucial to how a free enterprise system operates.
- Question 27: A Certificate of Deposit (CD) is an example of a time deposit.
- Question 28: The Federal Deposit Insurance Corporation (FDIC) insures most banks.
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Description
Test your knowledge on key concepts in economics, including free enterprise, market systems, and the role of government in economic decision-making. This quiz covers essential topics such as factors of production, profit incentives, and financial instruments like Certificates of Deposit.
