Economics Review

Front

A “free enterprise system” is a synonym for which economic system?

Back

Capitalist Economy

Front

Which economic activity is dominant in a traditional economy?

Back

Agriculture job

Front

Computers, trucks, and ovens would be categorized under which factor of production?

Back

Capital

Front

Which factor of production is NOT found in all types of economic systems? Options: labor, natural resources, entrepreneurs, capital

Back

entrepreneurs

Front

In a capitalist society, what is the goal of all business and industry?

Back

To earn a profit

Front

Which of the following is NOT a characteristic of a capitalist society? free competition, people start and own businesses, ability to own private property, guaranteed profits for entrepreneurs

Back

guaranteed profits for entrepreneurs

Front

In which economic system do people barter for goods and services?

Back

Traditional Economy

Front

If you visited Communist Cuba, which of the following would be different than in the USA? A. They have manufacturing and factories that employ large numbers of people, B. The government controls most industry and there is little private property, C. Individuals can accumulate wealth through their own innovation, D. Individuals are encouraged to open businesses

Back

The government controls most industry and there is little private property

Front

If Cuba changes to a capitalist economic system, what would be an effect on the country?

Back

more economic freedom for individuals

Front

Which type of industry includes logging, the cutting of trees, in the Amazon Basin of South America? Options: manufacturing, service, production, agricultural

Back

agricultural