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