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Economic Systems Exam Review

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10th Grade

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Economic Systems Exam Review
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34 questions

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1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

the doctrine that the government should not intervene in the marketplace

free enterprise

laissez faire

socialism

collective

2.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

the total value of all final goods and services produced in a particular economy

profit

gross domestic product (GDP)

invisible hand

heavy industry

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

a range with no clear divisions; in economics, the range of economic systems with varying mix of government control and economic freedom

mixed economy

economic system

gross domestic product (GDP)

continuum

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

large farms leased from the state to groups of peasant farmers

private property

communism

ranch

collectives

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

period of change in which an economy moves away from a centrally planned economy toward a market-based system

transition

collective

continuum

laissez faire

6.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

market-based economic system with limited government involvement

free market economy

command economy/centrally planned

mixed economy/modern economy

traditional economy

7.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which of the following was a free market philosopher?

Karl Marx

Adam Smith

Lou Engle

Joseph Goebbels

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