WorksheetsEcon 3.1 Quiz
Total questions: 10
Worksheet time: 8mins
When an economy is capitalist and has free markets, it can be said that the economy is based on ______________ _______________.
(a)
One of the characteristics of the U.S. economy is the (a) role of the government.
Between 2007 and 2009, the U.S. went through a difficult economic period called the ______________ _______________.
(a)
(a) motive is what drives people and organizations to improve their material well-being.
______________ ______________ rights allow people to own and control their possessions as they see fit, as long as it does not interfere with the rights of others.
(a)
The three synonymous terms to describe the U.S. economic system are free enterprise, capitalism, and _________.
limited role of government
competition
free market
economic freedom
The dollar value of all final goods, services, and structures produced in a country in a year is known as _________.
Gross Domestic Product
Gross National Product
franchise
profit motive
The struggle among sellers to attract consumers by offering the best products at the lowest prices is known as _________.
voluntary exchange
profit motive
property rights
competition
Private property gives people the incentive to work, save, and _________.
buy
invest
compete
produce
What gives people and businesses the opportunity to make their own decisions?
profit motive
economic freedom
command economy
free enterprise
