Economic Systems

Which of the following is a country which operates under a traditional economy?

• North Korea

• Cuba

• Ecuador

• Sweden

Which of the following is NOT one of the four economies the United States has experienced?

• Agricultural economy

• Industrial economy

• Service economy

• Technology economy

Which of the following is a country which operates under control/socialism?

• France

• Mexico

• Canada

• Italy

An entrepreneur does NOT do which of the following with the risks of a business or enterprise?

• Manages

• Assumes

• Organizes

• Displaces

Which of the following economic systems allows citizens full freedom in choosing a career and workplace?

• Capitalism

• Fascism

• Socialism

• Communism

Which of the following is NOT one of the three main economic systems?

• Communism

• Fascism

• Socialism

• Capitalism

Complete governmental control is a characteristic of which of the three main economic systems?

• Communism

• Socialism

• Capitalism

• Complete control is not a characteristic of any of the three main economic systems

What is another name for the private enterprise system?

• Fascism

• Socialism

• Capitalism

• Communism

Which of the following is NOT one of the three freedoms individuals have in a private enterprise system?

• Import and export of goods and services

• Buy goods and services

• Produce and sell goods and services

• Choose a career or workplace

Which of the following is a characteristic of an entrepreneur?

• Fear

• Risk taking

• Self deprecation

• Pessimism