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
 
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