A Unique Quiz On Market System
10 Questions
| Total Attempts: 570
Review for McConnell and Brue 15 ed.
Questions and Answers
- 1.In a market system, the government owns most of the property resources (land and capital).
- A.
True
- B.
False
- 2.Property rights encourage investment, innovation, exchange, maintence of property, and economic growth.
- A.
True
- B.
False
- 3.The freedom of business firms to produce a particular consumer good is always limited by the desires of consumers for that good.
- A.
True
- B.
False
- 4.The pursuit of economic self-interest is the same thing as selfishness.
- A.
True
- B.
False
- 5.When a market is competitive, the individual sellers of a product are unable to reduce the supply of the product and control its price.
- A.
True
- B.
False
- 6.The market system is also a communication system.
- A.
True
- B.
False
- 7.The employment of capital to produce goods and services requires that there be "roundabout" production and it is more efficient than "direct" production.
- A.
True
- B.
False
- 8.Increasing the amount of specialization in an economy generally leads to the more efficient use of its resources.
- A.
True
- B.
False
- 9.One way human specialization can be achieved is through a division of labor in productive activity.
- A.
True
- B.
False
- 10.Money is a device for facilitating the exchange of goods and services.
- A.
True
- B.
False
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