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> TAKE ASSESSMENT: EXAM 1 Question 1 2 points Save Which of the following economic systems abolishes all private property? communism socialism fascism all of the above

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

Question 3 2 points Save In a market system, the government enforces laws ensuring that private enterprises and conditions of competition will prevail. True False

Question 4 2 points Save The most common type of business in the United States is the corporation. True False

Question 5 2 points Save Laissez-faire is a policy of no government intervention in the economic activities of individuals and businesses. True False

Question 6 2 points Save In a partnership, each partner’s liability is limited to his or her contribution to the partnership. True False

Question 7 2 points Save There are no government-regulated markets in the U.S. economy. True False

Question 8 2 points Save 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 2 points Save 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 2 points Save The biggest disadvantage of a sole proprietorship…...

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