CH4 - CHAPTER 4 The Market System Topic 1 Characteristics...

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CHAPTER 4 The Market System Topic Question numbers ___________________________________________________________________________________________________ 1. Characteristics of the market system; capital accumulation 1-14 2. Specialization 15-18 3. Exchange; use of money 19-24 4. Market system; profits and costs 25-49 5. Least-cost combination of resources 50-57 6. Consumer sovereignty; invisible hand 58-72 Last Word 73-74 True-False 75-85 ___________________________________________________________________________________________________ Multiple Choice Questions Characteristics of the market system; capital accumulation 1. Which of the following is not a characteristic of the market system? A) private property B) freedom of enterprise C) government ownership of the major industries D) competition in product and resource markets 2. Which of the following is a fundamental characteristic of the market system? 3. Copyrights and trademarks are examples of: 4. The pursuit of self-interest: Page 1
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5. The regulatory mechanism of the market system is: A) self-interest. B) private property. C) competition. D) specialization. 6. Broadly defined, competition involves: 7. Competition means that: 8. Well-defined property rights: 9. To increase the amount of capital goods in a full employment-full production economy, society must: A) decrease consumption. B) increase consumption. C) inflate the general price level. D) deflate the general price level. 10. "Roundabout production" ordinarily leads to:
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