AnswersVT-GA-EOC-Personal Finance Economics A ULHSThe Free Market

The Free Market Answers

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1
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Why do markets exist?

A
Markets ensure that government does not intervene in the production of goods and services.
B
Markets provide self-sufficient people with public places for the exchange of ideas.
C
Markets ensure economic equity for all people.
D
Markets allow people to buy what they need to consume and sell the specialized goods and services they produce.
2
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Please select the word from the list that best fits the definition

A
standard of living
B
privatization
C
economic system
D
factors of production
E
safety net
F
communism
3

What is an important advantage of a free market?

A
It does not change unless the government directs it.
B
It offers a wide variety of goods and services.
C
It is easy to regulate.
D
It protects the less fortunate.
4

Laissez-faire means government needs to keep their hands off the economy.

T
T
F
F
5

Consumer sovereignty means that consumer decisions

A
regulate
B
control
C
influence
D
reduce
6

What is the struggle among various producers for the consumer’s business called?

A
socialism
B
competition
C
incentive
D
self-regulation
7

A market is any place that brings together buyers and sellers with a view to agreeing a price for _______.

A
delivery.
B
exchange.
C
collateral.
D
a quote.
8

Please select the word from the list that best fits the definition

A
free enterprise
B
continuum
C
incentive
D
safety net
E
collective
F
socialism
G
transition
H
traditional economy
I
authoritarian
J
standard of living
9

An example of laissez-faire, is the government deciding what to produce and how to produce it.

T
T
F
F
10

What is the product market?

A
the market in which payments are received for selling products to consumers
B
the market in which income is received for supplying land, labor, or capital
C
the market in which firms purchase the factors of production from households
D
the market in which households purchase the goods and services that firms produce

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