Personal & Family Finance Unit One Quiz

What is the main characteristic of a laissez-faire economy? A lack of regulations
In a capitalist system, what are the goods and tools that are used to make products? Capital
What happens in one sector of the economy often affects other sectors of the economy. True
Tariffs are used to encourage global trade between two countries. False
Anti-trust laws or suits may be used to break up which of the following? Monopolies
The Babylonians in Sumer used what as a monetary commodity? Shekel
Market economies operate on the principle of supply and demand. True
Individuals have little effect on the overall health of the economy. False
Privately owned businesses are common in which type of economy? Capitalist economies
Societies did not develop monetary commodity systems until the mid-nineteenth century. False
Which of the following is NOT a characteristic of market economies? Government ownership of businesses
What are companies that have complete control over a particular product or industry? Monopolies
In the United States, which agency oversees workplace safety and ensures that businesses comply with safety and health regulations to protect workers and consumers? Occupational Safety and Health Administration
The phrase laissez-faire means which of the following? To let be
When did economies begin? Ancient times

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