Which factor contributes to the survival of businesses in a competitive market?

Offering the best quality goods and services at the lowest prices

High prices and limited quality

Which of the following are benefits of the United States free enterprise system? Select TWO correct answers.

limited options for goods and services

How has China's economy changed in recent years?

from command/communist to mixed

from free enterprise to command

Which of the following is true of a free enterprise economic system, but not true of a communist economic system?

Government has less control over the economy.

Supply of products and resources is controlled by the government.

There is no voluntary exchange of goods and services.

Demand for products does not affect the price.

What is a characteristic of a limited government in terms of how officials are put into office?

Officials are elected by popular vote

Officials are appointed by a leader

One person or a small group makes all decisions

All officials are hereditary monarchs

Which of the following is not a characteristic of a limited government?

One person or a small group makes all decisions

Officials are appointed by a leader

Officials are elected by popular vote

The government operates under current laws

Which of the following statements BEST describes an unlimited government?

B) A government where all power is held by a single ruler or a small group.

A) A government where power is divided equally among its citizens.

C) A government that operates mainly through elected representatives.

D) A government that enforces strict environmental regulations.

What is the primary goal of communism as described in the text?

To establish a classless society where resources are owned by the state

To promote individual ownership of resources

To create a government led by a monarch

To enforce strict economic regulations

What characteristic allows a dictator to make decisions in a dictatorship?

They can make decisions without any limitations

They have to consult other government officials

They are limited by a constitution

Which of the following is the BEST description of citizens in an unlimited government?

They have little power. They are mostly slaves. They live in poverty.

They have significant power and live prosperously.

They are represented equally in the government.

They have the freedom to elect their leaders.

During the Qin Dynasty, which of the following statements is TRUE about the structure shown in the image?

It was built to protect China from the Mongols.

It was primarily used as a trade route for silk merchants.

It served as a religious temple for the Qin rulers.

It was constructed as a public works project to reduce unemployment.

What was a significant aspect of Genghis Khan's rule over his newly conquered territories?

He embraced religious diversity and granted freedoms.

He imposed strict religious laws.

He banned all religions except for shamanistic beliefs.

He focused solely on economic reforms.

According to the text, why did Genghis Khan's policy of religious tolerance likely contribute to fewer rebellions?

It made subjects happier and less likely to rebel.

It increased military strength.

What are TWO ways the Silk Road positively impacted the world?

It increased cultural exchanges and spread new technologies.

It led to the decline of many ancient cities.

It decreased trade between Asia and Europe.

It caused frequent conflicts between trading nations.

Match the following examples to their type of economic system.

Katie lives in the US and the government provides public goods, like her school.

Eddie is told that he has to work in a factory and doesn't get a choice.

John is a farmer because his father was farmer.

Kathy can make profit from a job that she chose to do.

In a command economic system or planned economy, the government controls the economy. The state decides how to use and distribute resources. The government regulates prices and wages; it may even determine what sorts of work individuals do. Socialism is a type of command economic system. Historically, the government has assumed varying degrees of control over the economy in socialist countries. In some, only major industries have been subjected to government management; in others, the government has exercised far more extensive control over the economy. The classic (failed) example of a command economy was the communist Soviet Union. The collapse of the communist bloc in the late 1980's led to the demise of many command economies around the world. According to the passage, why is it unusual for a country to have a command market in today’s society?

The failure of the Soviet Union proved to the world that command markets do not work.

A command market allows too much freedom for private businesses.

A command economy depends on bartering and most societies do not barter anymore.

Government distributions of resources allowed for too much competition between businesses.

Which statement best describes a free market economy?

I can make money, choices, and own my own things

The government and the people have a say

I follow in the ways of the past

The central government controls what I do

Economy Quiz

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