SWANA Government/Economics Practice

socialism primarily focused on equal access to services, but the government...

• Reducing government intervention

• Maximizing individual profit

• Encouraging private ownership

• makes the economic decisions (central planners)

Which of the following is an indicator of economic development?

• Number of natural resources

• Population size

• GDP per capita

• Military strength

What is considered a factor of production?

• Natural resources like oil

• Government policies

• Social equality

• Technological advancements

Which economic system is primarily practiced in the USA?

• Socialism

• Capitalism

• Mixed economy

• Command economy

What type of economy does Saudi Arabia primarily follow?

• Traditional economy

• Socialism

• Capitalism

• Command economy

Which of the following is a characteristic of capitalism?

• Equal distribution of wealth

• Private ownership of resources

• Government control of production

• Focus on communal services

What is a key feature of a command economy?

• Minimal government intervention

• Private ownership of businesses

• Free market competition

• Government control over production

Which country is known for its reliance on oil as a natural resource?

• Saudi Arabia

• Japan

• Canada

• Germany

What is one advantage of socialism?

• Minimal government intervention

• Focus on individual wealth accumulation

• Encouragement of private entrepreneurship

• Equal access to healthcare and education

Which of the following is NOT a factor of production?

• Labor

• Land

• Military strength

• Capital