QUIZ: Financial Lit Unit 1

Capitalism is characterized by which of the following? A. A market economy B. Profits C. Privately owned businesses D. All of the above

Societies did not develop monetary commodity systems until the mid-nineteenth century. A. True B. False

In the United States, which agency oversees workplace safety and ensures that businesses comply with safety and health regulations to protect workers and consumers? A. National Institute of Health B. Department of Natural Resources C. Occupational Safety and Health Administration D. Department of Justice

Anti-trust laws or suits may be used to break up which of the following? A. Oligarchies B. Monopolies C. Tariffs D. Polyisms

Which of the following is NOT a characteristic of market economies? A. Government ownership of businesses B. Competition C. Economic Incentives D. Economic Freedom

Individuals have little effect on the overall health of the economy. A. True B. False

Laissez-faire situations are characterized by a high degree of governmental involvement. A. False B. True

Privately owned businesses are common in which type of economy? A. Capitalist economies B. Socialist economies C. Gift economies D. Planned economies

Capitalism is an example of a planned economy. A. True B. False

What is the study of the ways in which money is created and used in society? A. Sociology B. Monitarism C. Political Science D. Economics

Market economies operate on the principle of supply and demand. A. True B. False

While the economies of countries like the United States are generally considered capitalist, they are not pure market economies. A. True B. False

What are taxes that are levied on imports and/or exports? A. Excesses B. Free Enterprise Fines C. Capital D. Tariffs

What happens in one sector of the economy often affects other sectors of the economy. A. False B. True

Individuals play what role in the economy? A. Minimalist B. Important C. They have no role. D. Random