Title: Chapter 2 Quiz Questions Flashcards | Quizlet
Headings: Chapter 2 Quiz Questions
Chapter 2 Quiz Questions
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BUS Ch. 1
Chapter 10 Intro to Business
final for business
BUS CH10

Content: (4) A society will not experience sustainable economic progress unless it accepts the need to limit population growth. Under the ________ system there is very little incentive to work hard or to produce quality goods or services. (1) capitalist
(2) mixed economy
(3) socialist
(4) communist
(4) communist
The presence of competition in free markets
(1) is rare, since most markets eventually evolve into monopolies. (2) is undesirable because it results in unnecessary duplication of efforts. (3) is undesirable, because one big firm can usually produce goods more efficiently than a large number of small firms. (4) usually results in better quality and lower prices. (4) usually results in better quality and lower prices. When the supply curve and demand curve for a particular good are shown together on a single graph, the point at which the two curves intersect identifies the
(1) amount of time it takes to bring together the buyers and sellers of the good. (2) total amount of labor that will be employed in that market. (3) equilibrium price of the good.