ITB: 2-8 Private Enterprise System and the U.S. Economy
Quiz
•
Business
•
11th Grade
•
Medium
Steve Wills
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the three basic questions that all societies need to answer?
What, How, and For Whom
Who, When, and Where
Why, Where, and How Much
Which, When, and How Many
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system is characterized by no privately-owned property and government control of production and distribution?
Capitalism
Socialism
Communism
Mixed Economy
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which countries are examples of socialist countries?
China, North Korea, and Cuba
Denmark, Canada, and Sweden
Australia, Germany, and France
United States, United Kingdom, and Japan
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the economic system of the United States?
Communism
Socialism
Capitalism
Mixed Economy
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of profit?
The financial gain earned when revenue exceeds expenses
The total revenue generated by a business
The expenses associated with achieving revenue
The difference between supply and demand
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term 'motive' mean?
A reason for doing something
The total cost of production
The amount of money earned from a business
The process of setting prices in the market
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system is characterized by private ownership of companies and the profit motive?
Capitalism
Socialism
Communism
Mixed Economy
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