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Economic Systems
Test Description: Chapter 6 Exam Review
Instructions: Answer all questions to get your test result.
1) What is a structure that society uses to produce and distribute goods and services?
A
Capitalism
B
Economic System
C
Consumer Sovereignty
D
Laws of Demand and Supply
2) Which economic system has no government intervention?
A
Communism
B
Mixed
C
Traditional
D
Capitalism
3) Which economic system is based solely on government direction?
A
Traditional
B
Mixed
C
Capitalism
D
Communism
4) What is the selling of government property to individuals?
A
Conversion
B
Privatization
C
Publication
D
Flipping
5) What is the money that a business keeps after all costs are paid for?
A
Profit
B
Income
C
Expenses
D
Outcome
6) What is a transfer of goods, services, or ideas that someone makes willingly?
A
Free Market Exchange
B
Traditional Economy
C
Voluntary Exchange
7) A business that uses resources in order to produce a product or service for sale is...
A
a market
B
a foundation
C
a consumer
D
a firm
8) What are a set of programs designed to protect people who face economic hard times?
A
Insurance
B
Safety net
C
Prison
D
Purging
9) People in a traditional economy sometimes...
A
barter
B
invest
C
use money
10) Who wrote The Wealth of Nations?
A
Friedrich Engels
B
Charles Darwin
C
Adam Smith
D
Karl Marx
*select an answer for all questions
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