Section Review 4.3

How does a nation’s economy affect how people interact with each other?

• It determines social norms and cultural practices.

• It influences trade and employment opportunities.

• It has no impact on social interactions.

• It only affects government policies.

How does a nation’s economy affect the way people interact with their physical environment?

• It leads to environmental conservation efforts.

• It has no effect on the physical environment.

• It influences land use and resource management.

• It only affects urban planning.

How is a nation’s economy affected by the economies of other nations?

• It remains completely independent.

• It is influenced by global trade and investment.

• It only affects cultural exchanges.

• It has no impact on international relations.

What is the study of the process by which people and countries make choices called?

• Sociology

• Geography

• Economics

• Anthropology

Which of the following is NOT a main economic system?

• Capitalist

• Socialist

• Mixed economies

• Feudalism

What is capitalism?

• An economic system where the government owns all resources

• An economic system where private individuals own most of the factors of production

• A political system where leaders are elected by the public

• A social system focused on community ownership

What is the economic system where the government owns major industries and makes production decisions for society's welfare?

• Capitalism

• Socialism

• Feudalism

• Mercantilism

In a command economy, who determines which industries are developed and what they produce?

• Private companies

• The government

• Individual entrepreneurs

• International organizations

What is the most extreme form of socialism called?

• Capitalism

• Feudalism

• Communism

• Anarchism

What is a characteristic of a mixed economy?

• The government owns all businesses.

• Private citizens cannot own property.

• Private citizens can own property and businesses, but the government regulates their choices.

• There is no government regulation.