Question 16Points: 1Which economic system is characterized by private ownership of resources and the pursuit of individual self-interest in the marketplace?A.SocialismB.CapitalismC.CommunismD.Mixed EconomyQuestion 17Points: 1When there is an excess supply of a product in an unregulated market, the tendency is forA.quantity supplied to increase.B.price to decreaseC.price to rise.D.quantity demanded to decrease.Question 18Points: 1According to the law of supply, there is aA.negative relationship between price and the quantity of a good supplied.B.positive relationship between price and the quantity of a good supplied.C.negative relationship between price and the change in supply.D.positive relationship between price and the change in supply.Question 19Points: 1Why do firms engage in the activity of production?A.to acquire profitsB.to participate in the circular flowC.to help society advance technologicallyD.to develop a supply scheduleQuestion 20Points: 1If the demand for coffee decreases as income decreases, coffee isA.inferior good.B.normal good.C.complementary good.D.substitute good.
Question
Question 16Points: 1Which economic system is characterized by private ownership of resources and the pursuit of individual self-interest in the marketplace?A.SocialismB.CapitalismC.CommunismD.Mixed EconomyQuestion 17Points: 1When there is an excess supply of a product in an unregulated market, the tendency is forA.quantity supplied to increase.B.price to decreaseC.price to rise.D.quantity demanded to decrease.Question 18Points: 1According to the law of supply, there is aA.negative relationship between price and the quantity of a good supplied.B.positive relationship between price and the quantity of a good supplied.C.negative relationship between price and the change in supply.D.positive relationship between price and the change in supply.Question 19Points: 1Why do firms engage in the activity of production?A.to acquire profitsB.to participate in the circular flowC.to help society advance technologicallyD.to develop a supply scheduleQuestion 20Points: 1If the demand for coffee decreases as income decreases, coffee isA.inferior good.B.normal good.C.complementary good.D.substitute good.
Solution
Question 16: The economic system characterized by private ownership of resources and the pursuit of individual self-interest in the marketplace is B. Capitalism.
Question 17: When there is an excess supply of a product in an unregulated market, the tendency is for B. price to decrease.
Question 18: According to the law of supply, there is a B. positive relationship between price and the quantity of a good supplied.
Question 19: Firms engage in the activity of production A. to acquire profits.
Question 20: If the demand for coffee decreases as income decreases, coffee is A. inferior good.
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