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12.1 Review

Authored by Lance Hyde

Social Studies

11th Grade

12.1 Review
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the factors of production in an economy?

Profit, Competition, and Ownership

Land, Labor, and Capital

Money, Goods, and Services

Supply, Demand, and Price

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of an entrepreneur in a capitalist economy?

To eliminate competition

To produce goods and offer services

To distribute wealth evenly

To regulate prices

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a monopoly in a capitalist economy?

A government-controlled industry

A combination of corporations to eliminate competition

A market with free buyers and sellers

A classless society

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of supply and demand in a free market?

Prices tend to rise when demand drops

Prices tend to fall when supplies become more plentiful

Prices tend to fall when demand increases

Prices tend to rise when supplies become more plentiful

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main role of the U.S. government in a capitalist economy?

To promote socialism

To encourage monopolies

To regulate the economy

To eliminate private enterprise

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main goal of socialism in terms of public welfare?

To guarantee high taxes

To equally distribute retirement pensions

To encourage private ownership

To promote monopolies

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main difference between socialism in Europe and developing countries?

Europe promotes communism

Developing countries have more private ownership

Developing countries have high taxes

Europe is growing while developing countries are waning

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