WorksheetsGovernment and The Economy
Total questions: 27
Worksheet time: 16mins
t/f: the United States has a mixed economy.
true
false
t/f: In a mixed economy, the government does not interfere with business.
true
false
t/f: In a command economy, the government owns all the services.
true
false
t/f: Without antitrust laws, there would be less competition between businesses.
true
false
t/f: Without antitrust laws, there would be more small companies.
true
false
t/f: The first antitrust law was passed in 1914.
true
false
t/f: The Federal Trade Commission doesn’t care whether companies merge together.
true
false
t/f: The more companies that merge together, the more competition there is.
true
false
t/f: A tariff is a tax on goods from other countries.
true
false
t/f: A tariff makes a foreign product less expensive in the United States.
true
false
t/f: Without tariffs, goods flow more freely between countries.
true
false
t/f: The government protects competition by letting companies do whatever they want.
true
false
Economy where most goods and services are offered by private companies.
market economy
command economy
mixed economy
Economy where the government owns and offers all the goods and services
market economy
mixed economy
command economy
Economy where both government and private businesses are involved in goods and services.
mixed economy
market economy
command economy
An economy with no government regulation would be completely (a) .
When one company controls an entire industry without any competition.
monopoly
life
sorry
twister
Laws that prohibit monopolies and other activity that reduces competition are called (a) .
The government agency created to stop companies from competing unfairly goes by these three letters:
(a)
- Economic System
- No government interference
- Owners of capital are free to do as they like
Free Enterprise
Command Economy
This is a social and economic system in which private business compete with little interference from the government
free enterprise system
free response system
free travel system
freedom of choice
The government takes a hands-off approach to business.
communism
socialism
laissez-faire
invisible hand
The means of production are owned by private individuals and workers negotiate (capital) in exchange for what they produce.
Communism
Colonialism
Feudalism
Fascism
Capitalism
Match the following examples to their type of economic system.
Katie lives in the US and the government provides public goods, like her school.
Mixed Economy
Eddie is told that he has to work in a factory and doesn't get a choice.
Command Economy
John is a farmer because his father was farmer.
Traditional Economy
Kathy can make profit from a job that she chose to do.
Free Market Economy
Which of the following best describes the economic freedom individuals have in a capitalist system?
Individuals can own property and businesses, and the market determines prices.
Individuals must follow strict government guidelines when conducting business.
Individuals rely on traditional roles to determine their economic activities.
Individuals have no freedom; the state controls all economic activities.
How do mixed economies attempt to correct market failures?
By allowing market forces to operate without interference
By relying solely on traditional customs
Through government intervention and regulation
By eliminating private property
