
Free ENterprise Test Review
Authored by Amy Lewallen
History
12th Grade
Used 8+ times

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31 questions
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1.
MATCH QUESTION
1 min • 1 pt
Match the following
social security
Federal program of disability and retirement benefits that covers most working Americans
inflation
A rise in the general level of prices and the loss of spending power
minimum wage
income that does not increase over time
medicare
the lowest legal wage that can be paid to most workers
fixed income
Federal health insurance program for senior citizens, regardless of income
2.
MATCH QUESTION
1 min • 1 pt
Match the following
Entrepreneur
a risk-taking individual in search of profits
Consumer Sovereignty
: Economic system that has some combination of traditional, command, and market economies
Mixed Economy
: A free enterprise market economy where people carry on their economic affairs freely, but are subject to some government intervention and regulation
Modified Free Enterprise System
The consumer has a role as the ruler of the market in determining the types of goods and services produced
3.
MATCH QUESTION
1 min • 1 pt
Match the following
Biofuels
an economic system in which privately owned businesses have the freedom to operate for a profit with limited government intervention
Free Enterprise
Act of buyers and sellers freely and willingly engaging in market transactions; a characteristic of capitalism and free enterprise
Great Recession
a severe economic downturn that lasted from 2007 through mid-2009; US GDP dropped about 5%
Private Property Rights
Fundamental feature of capitalism, which allows allows individuals to own and control their possessions as they wish
Voluntary Exchange
fuel made from wood, peat, municipal solid waste, straw, corn, tires, landfill gases, fish oils, and other waste
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An example of a free enterprise system at work is:
Opening a coffee shop
Starting an online business
Pursuing any career you have an interest in
All of the answers are correct
Opening a coffee shop
Starting an online business
Pursuing any career you have an interest in
All of the answers are correct
Opening a coffee shop
Starting an online business
Pursuing any career you have an interest in
All of the answers are correct
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A free enterprise system:
Involves lots of government regulation
Places few restrictions on businesses
Limits how consumers can make choices
Makes it difficult to open a business
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Americans place a high value on economic ____________.
Americans place a high value on economic ____________.
freedom
compromises
inflation
interdependence
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following does not provide protection from adverse events for Americans?
Which of the following does not provide protection from adverse events for Americans?
Medicare
Government Bonds
Unemployment
Social Security
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