Chapter 3 Economics

What type of system do societies use to determine how to distribute resources?

• Federal Reserve System

• Economic System

• Monetary System

• World System

How many businesses are in an industry that is a monopoly?

• One

• Several

• Many

• None of the answers

What is another name for the Federal Reserve?

• FED

• FR

• TFR

• None of these

Private Enterprise and Free Market System are other names for

• Socialism

• Capitalism

• Communism

• Mixed

What type of mortgages were most attractive to lenders?

• Subprime

• Prime

• Adjusted rate

• Fixed rate

What are the two core categories of economics?

• Microeconomics and Marcoeconomics

• GDP and GNP

• Microeconomics and Economics

• Macroeconomics and Economics

An economic system based on the principle that the government should own and operate key enterprises that directly affects public welfare, such as utilities, telecommunications, and healthcare.

• Socialism

• Capitalism

• Communism

• Mixed economies

Who is the Father of Capitalism and brought its philosophy to prominence?

• Adam Smith

• Joseph Smith

• John Smith

• Abraham Lincoln

An economic system that calls for public ownership of virtually all enterprises

• Socialism

• Capitalism

• Communism

• Mixed

The study of the choices people, companies and governments make in allocating resources.

• Economy

• GDP

• GNP

• Economics