Americas Economic Unit Review

The NAFTA (North American Free Tree Agreement) removed trade barriers such as:

• gates at borders.
• taxes.
• too many people arguing.
• government officials.

Private property is a feature of the free enterprise economy?

• True
• False

Which type of economy has the government making all decisions?

• Market
• Mixed
• Traditional
• Command

Farming and cattle ranching are part of which industry.

• Service
• Manufacturing
• Agricultural
• Wholesale

An example of the free enterprise economy would be the U.S. government putting a limit on the number of iPads Apple produces in a year.

• True
• False

In a free market economy, business and consumers have many choices.  Businesses have a responsibility to produce quality goods and services.  This means that

• consumers have few choices.
• the government tells businesses what to produce.
• businesses must follow moral principles.
• businesses can get away with anything.

Waiters, doctors, dentists, landscapers are all a part of this industry. 

• Service
• Agricultural
• Retail
• Wholesale

The driving force behind people going into business is

• profit margin
• profit motive
• opportunity cost
• taxes

Literacy rate, life expectancy and GDP are all 

• economic systems
• economic indicators
• ways to determine the population
• types of industry

Which type of economy has the government control all of what to produce, companies, and goods?

• Traditional
• Autocracy
• Mixed
• Command