GOV-U12-Econ Systems

Gross Domestic Product includes all EXCEPT...

• goods & services made by Americans abroad

• goods made in America

• services produced in America

• goods & services made in America by foreigners

A pure market system

• has no name brands

• has many buyers

• has many sellers

• all the above

Which system produces the best products at the cheapest prices?

• free enterprise

• socialism

• command economies

• traditional economies

Large Agribusinesses for the purpose of lowering operating costs to maximize profits would be found mostly in...

• socialism

• communism

• capitalism

• none of the above

The profit motive can be found in most systems with subsistence farming & cottage industries.

• TRUE

• FALSE

In the capitalist system, competition will produce winners and losers.

• TRUE

• FALSE

Which is not a synonym for the other 3?

• mixed market

• market system

• free enterprise

• capitalist

The ultimate goal of communism was a classless, moneyless society.

• TRUE

• FALSE

Who were the Proletariat?

• capitalist entrepreneurs

• merchants / business owners

• kings & queens

• the working poor

Who wrote the Communist Manifesto?

• Adam Smith

• Karl Marx

• John Maynard Keynes

•