A Unique Quiz On Market System

10 Questions | Total Attempts: 570

SettingsSettingsSettings
Please wait...
A Unique Quiz On Market System

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