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BBB4M Chapter 4 Test Questions and Answers
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BBB4M Chapter 4 Test Questions and Answers
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BBB4M Chapter 4 Test Questions andAnswers
What four questions define a country's economic system? - Answer-1. What should the
country produce and in what quantities?
2. How should scarce resoures be allocated?
3. How should goods & Services be distributed throughout the country?
4. What should the price of goods and services be?
How is private property, profit, and competition viewed in a market economy? - Answer-
P.P: Corporations &a people are encouraged to own property. Owners control their
property
P: profits is the reward for risks taken
C: competition is critical
How is private property, profit, and competition viewed in a centrally planned economy?
- Answer-P.p: ownership of property is restricted
P: all profit belongs to government
C: competition is limited
How is private property, profit, and competition viewed in a mixed economy? - Answer-
P.P: property is owned by individuals, corporations, or government
P: is encouraged, but taxed to support government projects and provide social
assistance
C: strong competition amongst corporations exists; however government may be a
competitor
What four stages of the business cycle? - Answer-Recession
Trough
Expansion
Peak
What are the three types of economic indicators? - Answer-Leading
Lagging
coincident
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