
Econ Market Systems
Authored by John Terrell
Social Studies
12th Grade
Used 15+ times

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36 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Capitalism is a competitive economic system in which private citizens own the factors of production.
true
false
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Voluntary exchange is a characteristic of command economies.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The profit motive states that the consumer decides WHAT goods and services to produce.
False
True
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The entrepreneur organizes land, capital, and labor for production in hopes of earning a profit.
False
True
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The United States has a modified private enterprise economy.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The purpose of government in a command economy is to
encourage entrepreneurs.
ensure the availability of consumer products.
make major economic decisions.
promote economic freedom.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An example of a market economy is
North Korea
United States
Former Soviet Union
Inuit
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