Economic Systems Quiz

What does capitalism emphasize according to the summary provided?

• Collective ownership of resources

• Government distribution and control of resources

• Free market and support for any business people choose

• Less choice but often cheaper than paying out of pocket

Which economic system is characterized by "less choice but often cheaper than paying out of pocket"?

• Capitalism

• Socialism

• Communism

• Feudalism

What is a con of capitalism as mentioned in the document?

• Equal portions/access

• Price can fluctuate

• No personal cost

• Less direct cost; taxes cover most fees

According to the document, what is a pro of socialism?

• Freedom of choice

• Supply/Demand to meet needs

• Less direct cost; taxes cover most fees

• Competition

Which economic system has "collective" ownership of resources and materials?

• Capitalism

• Socialism

• Communism

• Anarchism

What is a disadvantage of communism as stated in the document?

• Government runs cell phone carriers

• No insurance needed; just go to hospital for care

• If government has less money, it provides less

• Some private options still available

Which economic system requires the least amount of direct citizen participation?

• Capitalism

• Socialism

• Communism

• Monarchy

Which economic system requires the most citizen participation?

• Capitalism

• Socialism

• Communism

• Oligarchy

Which economic system has the greatest personal choice?

• Capitalism

• Socialism

• Communism

• Totalitarianism

Why do you think the United States uses a capitalist economic system?

• It provides equal portions/access

• It allows for freedom of choice and competition

• It has no personal cost

• It is cheaper than paying out of pocket