Ent Ch 2 Post-test (Mod)

True

False

True

False

True

False

True

False

True

False

True

False

True

False

Limited supply of good and services

Democracy

Entrepreneur's profit motive

All of the above

Profit builds wealth and financial independence

Profit is the equilibrium quantity on a supply and demand curve

Profit is a barrier to international trade

Profit is the answer to one of the fundamental questions of economics

Competition motivates entrepreneurs to introduce new products to consumers

Competition between suppliers drives prices upward

Competition between consumer benefits suppliers

Competition occurs between suppliers and between consumers

A pure market economy in which the government plays no role in the economy

A pure command economy in which the government controls the economy

A mixed economy in which suppliers and consumers play the primary role

A socialist economy in which suppliers and consumers play the primary role

Tariffs that must be paid to import goods

Cultural differences between nations

Trade barriers

All of the above

The equilibrium quantity on a supply curve

How many items an entrepreneur has for sale

The profit or loss associated with a unit of sale

Foreign demand for an entrepreneur's product

The flow of goods and services within a community

The flow of goods and services in international trade

An economic system based on foreign exchange rates

An economic system dominated by nonprofit organizations