Government - Ch. 24 Economic Systems L3 RE Packet Questions

What is an entrepreneur?

• A government official

• A person who starts a new business

• A type of economic system

• A social service provider

What is a mixed economy?

• An economy with no government intervention

• An economy that combines elements of capitalism and socialism

• An economy solely based on agriculture

• An economy that only uses barter systems

How do societies decide what should be produced in different economic systems?

• By random selection

• Through government decisions, market demands, or a combination

• By international treaties

• By historical precedent

Which economic system allows private citizens to earn profits in free markets?

• Communism

• Socialism

• Capitalism

• Feudalism

What is the role of entrepreneurs in a capitalist system?

• They are government employees

• They take risks to start new businesses

• They work only for large corporations

• They have no impact on the economy

Which of the following is an example of an invention that could be patented?

• A new machine that can pick fresh tomatoes without damaging them

• A poem about a sunrise

• A popular song

• A historical event

What is one way Sweden supports new parents?

• Pays for parents to be away from their jobs

• Provides free housing

• Offers free transportation

• Gives free groceries

What is a characteristic of Singapore's economy?

• Much larger than normal for its geographic size

• Primarily agricultural

• Dependent on foreign aid

• Isolated from international trade

What is a benefit of Sweden's higher taxes?

• Greater safety net for everyone

• Less disposable income

• Reduced government services

• Increased unemployment

What is the basic goal of a socialist economy?

• To maximize individual wealth

• To ensure equal distribution of wealth

• To minimize government intervention

• To promote free market competition