American Free Enterprise
In this quiz we’ll be talking all about American Free Enterprise and putting you to the test by offering a number of definitions which you will have to assign a word to. All that and more await you, but do you have what it takes to answer all questions correctly? Let’s find out.
- 1.
What is the profit motive?
- A.
Exchange of goods
- B.
Money that a business makes
- C.
Opportunity for success
- D.
Incentive to make money
Correct Answer
D. Incentive to make money -
- 2.
What is considered a negative effect of government regulation?
- A.
It protects businesses but harms the environment
- B.
It does not protect the well being of the public
- C.
It allows businesses to sell unsafe products
- D.
It can be expensive for businesses to follow all regulations
Correct Answer
D. It can be expensive for businesses to follow all regulations -
- 3.
You get a spirit day because your house donated 2000 toys, even though you didn't donate anything. What is this know as?
- A.
Free rider problem
- B.
In-kind benefit
- C.
Negative externality
- D.
Market failure
Correct Answer
A. Free rider problem -
- 4.
Which of the following is a public good?
- A.
Providence's school lunch
- B.
Community Park
- C.
Your driveway
- D.
A bank
Correct Answer
B. Community Park -
- 5.
Economists believe a healthy economy has unemployment between ___% and ____%
Correct Answer
4 and 6 - 6.
An economists who focuses on microeconomics might study which of the following?
- A.
Inflation
- B.
Household credit card debt
- C.
Gross Domestic Product
- D.
Unemplyment
Correct Answer
B. Household credit card debt -
- 7.
A patent will protect someone's creation for ______ years.
Correct Answer
20 - 8.
Subsidized housing is an example of a(n) _____________ benefit.
Correct Answer
In-kind - 9.
Consumers can influence economic policy by forming a(n) ____________________________.
Correct Answer
Interest group
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Sep 11, 2018Quiz Edited by
ProProfs Editorial Team -
Feb 18, 2015Quiz Created by
Marcochr
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