ECON125-HK2. ECONOMICS FOR MANAGERS (ECON125-HK2) > TAKE ASSESSMENT: EXAM 1 Question 2 points Save 2 points Save 2 points Save 1

Which of the following economic systems abolishes all private property?

communism

socialism

fascism

all of the above

Question

2

The profit motive is one characteristic of a command economy.

True

False

Question

3

In a market system, the government enforces laws ensuring that private enterprises and

conditions of competition will prevail.

True

False

Question 2 points Save 2 points Save 4

The most common type of business in the United States is the corporation.

True

False

Question

5

Laissez-faire is a policy of no government intervention in the economic activities of individuals

and businesses.

True

False

Question 2 points 6

In a partnership, each partners liability is limited to his or her contribution to the partnership.

True Save False

Question 2 points Save 2 points Save 2 points Save 2 points Save 7

There are no government-regulated markets in the U.S. economy.

True

False

Question

8

Which of the following is not among the United States economic goals?

full employment

stable prices

healthy economic growth

equal distribution of income

Question

9

Under the U.S. market system, land and capital goods are owned mainly by

the federal government

individuals and firms

local governments

state governments

Question

10

The biggest disadvantage of a sole proprietorship is the lack of distinction between the

business and the owner.

True

False

Question 11 2 points Save In the United States, marketing cooperatives are most commonly found in the agriculture

industry.

True

False

Question 2 points 12

Self-interest is a major tenet of economic liberalism. Save True

False

Question 2 points Save 2 points Save 2 points Save 2 points Save 2 points Save 2 points Save 13

Which of the following is considered a command economy?

communism

socialism

fascism

all of the above

Question

14

Economics is considered a physical science.

True

False

Question