ECON 125 HK2 ECONOMICS FOR MANAGERS Exam Solutions https://hwguiders.com/downloads/econ-125-hk2-economics-for-managers-exam-solutions/ ECON 125 HK2 ECONOMICS FOR MANAGERS Exam Solutions Exam 1: Question 1
Which of the following economic systems abolishes all private property? communism socialism fascism all of the above

Question 2
The profit motive is one characteristic of a command economy.
True
False

Question 3
In a market system, the government enforces laws ensuring that private enterprises and conditions of competition will prevail.
True
False

Question 4
The most common type of business in the United States is the corporation.
True
False

Question 5
Laissez-faire is a policy of no government intervention in the economic activities of individuals and businesses.
True
False

Question 6
In a partnership, each partner’s liability is limited to his or her contribution to the partnership.
True
False

Question 7
There are no government-regulated markets in the U.S. economy.
True
False

Question 8
Which of the following is not among the United States’ economic goals? full employment stable prices healthy economic growth equal distribution of income

Question 9
Under the U.S. market system, land and capital goods are owned mainly by the federal government individuals and firms local governments state governments

Question 10
The biggest disadvantage of a sole proprietorship is the lack of distinction between the business and the owner.
True
False

Question 11
In the United States, marketing cooperatives are most commonly found in the agriculture industry.
True
False

Question 12
Self-interest is a major tenet of economic liberalism.
True
False

Question 13
Which of the following is considered a command economy? communism socialism
fascism