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BBB4M Chapter 4 Test Questions and Answers $8.49   Add to cart

Exam (elaborations)

BBB4M Chapter 4 Test Questions and Answers

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  • Course
  • BBB4M
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  • BBB4M

BBB4M Chapter 4 Test Questions and Answers

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  • November 11, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BBB4M
  • BBB4M
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lectknancy
BBB4M Chapter 4 Test Questions and
Answers
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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