What will be the effect on the economy when a

This preview shows page 7 - 9 out of 10 pages.

29. What will be the effect on the economy when a national government uses too many "price ceilings " on a variety of goods and services? A) There will be a surplus of goods and services. B) There will be a shortage of goods and services. C) Price ceilings do not harm the economy and they have no effect whatsoever D) Price ceilings are a sophisticated tool and will promote economic growth and prosperity
30. What does an economy need in order to keep prices low, offer consumers a wide variety of choices, and encourage innovation?
31. What is the true source of all economic problems faced by all countries according to Chapter 1 ?
7
32. What are the four main sources of economic growth? (Chapter 1)
33. Laissez-faire economics means what? (Chapter 2) A) The government plays no role in economic matters and doesn’t care about it. B) The government plays an extremely limited role in economic matters C) The government is heavily influential in economic matters D) The government commands and directs the economy of a nation
34. Socialism is what? (Chapter 2)
35. Competition does what in an open-market economy?
36. In Chapter 2 , how did the nation of Venezuela rank in terms of the Index of Economic Freedom?
Question 37 is a lengthy one – please see the next page … 8

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture