1.Who pioneered the concept of assembly line production? a.Henry Ford b.Adam Smith c.Stuart Mill d.Eli Whitney 2.What can the government do if it needs land that we own for social development? a.Purchase it at a price slightly below market value b.Request purchasing rights from the owner c.Purchase it at a fair market price d.Commandeer the property at no cost 3.A copyright is a legal right to _____________. a.reference written works with proper citation b.duplicate written works owned by other individuals c.restrict duplication of a written work d.obtain written works for use in a library or school 4.A patent is a legal right to _____________. a.restrict sale of a unique design or product b.demand payment for use of inventions c.sell a product similar to one which already has a copyright d.restrict duplication of a written work 5.Who benefits from healthy competition among businesses? a.The advertiser b.The consumer c.The employer d.The laborer 6.Which of the following plays a role in keeping prices down? a.Child labor laws b.Minimum wage c.International tariffs d.Competition 7.Which economist believed that a nation should import materials that it can get for less cost than it would take to produce those materials on its own? a.David Ricardo b.John Maynard Keynes c.Thomas Malthus d.Adam Smith 8.What is an embargo? a.A law making it illegal to purchase certain goods or services b.A government enforced sanction against trading with another nation c.An internal government tax on goods sold from state to state d.A government tax on imported goods from another nation 9.Which governmental style would most easily promote a totally free market economy? a.Communism b.Monarchy c.Democracy d.Anarchy 10.Why is it important for nations to engage in the global economy? a.It can import goods for less than it would take to make them b.It can regulate trade between other nations c.It can increase its own natural resources d.It can tax countries for importing goods 11.A bear market is a time when stock values ________________. a.fluctuate rapidly b.go up c.remain steady d.go down 12.A bull market is a time when stock values ______________. a.go down b.go up c.fluctuate rapidly d.remain steady 13.What happens when a product is recalled? a.It is taken off shelves and purchases are asked to be returned b.It is brought back into the market after having been off the market c.It is made illegal to purchase d.It is banned by local retailers 14.What tax is most devastating to farmers? a.Property tax b.Pesticide tax c.Sales tax d.Agricultural tax 15.What economic issue frequently separates the two biggest American political parties? a.The sales tax b.Interest rates c.Tax cuts d.Import tariffs 16.What is one good thing about increased road production? a.Increased job security b.Increased government spending c.Increased employment rates d.Increased productivity 17.Which utility bill would rise for homeowners if natural gas prices were on the rise? a.The heating bill b.The phone bill c.The electric bill d.The water bill 18.What factor most directly affects the cost of natural gas? a.Trade embargos b.Supply and demand c.Inflation d.Import tariffs 19.Why don’t industrial companies favor environmental regulation? a.It increases decreases the profit margin b.It increases the cost of employing workers c.It increases production cost d.It decreases productivity 20.What issue would the EPA be most concerned with? a.traffic jams b.International tariffs c.Smog d.pot holes