Economics Chapter 2 - Economic Systems

It is possible for socialism to exist in a democracy.

• True
• False

It is possible for communism to exist in a democracy.

• True
• False

To change from government ownership to private ownership 

• Nationalize
• Privatize

To change from private ownership to government ownership

• Nationalize
• Privatize

The United States is a pure market economy.

• True
• False

If a person has an idea for an invention and gets it patented, his idea is protected by law.

• True
• False

The government makes all economic decisions

• Traditional
• Command
• Market

Everyone has a set role defined by custom. 

• Traditional
• Command
• Market

Primary focus is self-interest

• Traditional
• Command
• Market

Socialism

• Traditional
• Command
• Market