Economic Systems Question Preview (ID: 17326)


Chapter 6 Exam Review. TEACHERS: click here for quick copy question ID numbers.

What is a structure that society uses to produce and distribute goods and services?
a) Laws of Demand and Supply
b) Consumer Sovereignty
c) Economic System
d) Capitalism

Which economic system has no government intervention?
a) Communism
b) Capitalism
c) Mixed
d) Traditional

Which economic system is based solely on government direction?
a) Communism
b) Capitalism
c) Mixed
d) Traditional

What is the selling of government property to individuals?
a) Flipping
b) Privatization
c) Publication
d) Conversion

What is the money that a business keeps after all costs are paid for?
a) Outcome
b) Income
c) Expenses
d) Profit

What is a transfer of goods, services, or ideas that someone makes willingly?
a) Voluntary Exchange
b) Free Market Exchange
c) Traditional Economy
d)

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

What are a set of programs designed to protect people who face economic hard times?
a) Prison
b) Purging
c) Safety net
d) Insurance

People in a traditional economy sometimes...
a) use money
b) barter
c) invest
d)

Who wrote The Wealth of Nations?
a) Karl Marx
b) Friedrich Engels
c) Charles Darwin
d) Adam Smith

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