Economics 20th Edition Mcconnell Test Bank
Economics 20th Edition Mcconnell Test Bank
Economics 20th Edition Mcconnell Test Bank
Bank
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Economics 20th Edition McConnell Test Bank
Chapter 02
2-1
Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
A. Canada.
B. Cuba.
C. North Korea.
D. Belarus.
6. An economic system:
A. land and other natural resources should be privately owned, but capital should be publicly
owned.
B. land and other natural resources should be publicly owned, but capital should be privately
owned.
C. government should not interfere with the operation of the economy.
D. government action is absolutely necessary if the economy is to achieve full employment and full
production.
2-2
Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
8. Economic systems differ according to which two main characteristics?
A. Who owns the factors of production and the methods used to coordinate economic activity.
B. The technology used in production and the quantity and quality of natural resources.
C. How goods are produced and who gets them.
D. The political system in place and the degree of scarcity facing the economy.
A. market systems.
B. pure capitalism.
C. laissez-faire capitalism.
D. communism.
10. A fundamental difference between the command system and laissez-faire capitalism is that, in
command systems:
A. the division of output is decided by central planning rather than by individuals operating freely
through markets.
B. all economic decisions are made by the government, whereas there is no government in laissez-
faire capitalism.
C. scarcity does not exist, whereas it does in laissez-faire capitalism.
D. money is not used, whereas it is in laissez-faire capitalism.
A. Private property.
B. Freedom of enterprise.
C. Government ownership of most property resources.
D. Competition in product and resource markets.
2-3
Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
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