End of Cycle Assessment Review

Which of the following describes the free enterprise system?

• There is private ownership of businesses with the intent to make a profit.

• Government intervenes in allocating goods, resources, and prices.

• Government controls and distributes ownership of all business activity.

• Production of goods and services is determined by a central government.

Which of the following are characteristics of a traditional economy?

• Use of the barter system

• State control of major industries

• Focus on subsistence agriculture

• Reliance on hunting and gathering

Which of the following is true in a pure market economy?

• Some industries are privately owned, while others are owned by the state.

• Economic decisions are primarily determined by religious and cultural traditions.

• Supply and demand and individual decision making control economic decisions.

• Resources, the labor supply, and the means of production are all controlled by the state.

Which of these is an example of an individual supporting a cottage industry?

• Nora buys a pair of handmade earrings while attending a local art fair.

• Jeremiah purchases a pair of jeans from a retail chain store in the mall.

• Tired of buying vegetables, Levi decides to plant a garden in his backyard.

• While at the grocery store, Layla decides to buy organic milk.

Which of the following terms do the characteristics above define?

• Subsistence agriculture

• Cottage industry

• Commercial industry

• Commercial agriculture

The above are characteristics of:

• Benefits of Cottage Industries

• Effects of Industrialization on Small Businesses

• Assets of Commercial Industries

• Effects of Government Regulations on the Marketplace

which economic system do you expect to have the widest selection of consumer goods?

• Free enterprise

• Socialist

• Communist

• Traditional

Which of the following is NOT a function of the government in a command economy?

• Regulating supply

• Regulating distribution

• Regulating international trade

• Regulating demand

Which of the following BEST describes the main role of IGOs and NGOs?

• Both IGOs and NGOs work to address national/domestic issues.

• IGOs work to address environmental issues while NGOs advocate for political freedoms.

• Both IGOs and NGOs aim to address global issues and promote positive change.

• None of the Above

A deadly epidemic is on the rise in Eastern Europe. Which international organization can BEST aid/address this problem?

• Heifer Project International

• The World Health Organization

• The North Atlantic Treaty Organization (NATO)

• All of the above