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