Econ 125 Hk2 Economics for Managers Exam Solutions

ECON 125 HK2 ECONOMICS FOR MANAGERS Exam Solutions

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ECON 125 HK2 ECONOMICS FOR MANAGERS Exam Solutions

Exam 1:

Question 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 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 6

In a partnership, each partner’s liability is limited to his or her contribution to the partnership.

True

False

Question 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

In the United States, marketing cooperatives are most commonly found in the agriculture industry.

True

False

Question 12

Self-interest is a major tenet of economic liberalism.

True

False

Question 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...