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
- A business organization that requires owners to split profits is a Partnership, not a corporation or franchise
- In order to calculate GDP, economists must add Net Exports
- The determinants of productivity include all of the following except Technological Change
- Perfect Competition is the market structure considered a price taker.
- The market structure that's usually illegal is Monopolistic Competition.
- The market structure representing most American businesses is Perfect Competition
- The market structure most closely resembling perfect competition is Agriculture
- Breakfast cereal, oil, and soft drinks are examples of Oligopoly.
- A tax that's the same rate regardless of income is Proportional.
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Description
Test your knowledge of essential economic concepts and market structures with this quiz. Questions cover topics such as partnerships, GDP calculation, and different forms of competition. See how well you understand the principles of economics in real-world applications.
