Economic Systems Test

What is the economic system with the most government control?

• Socialist

• Free Enterprise

• Communist

• Capitalist

Which economic system has the least government control?

• Socialist

• Communist

• Free Enterprise

• Mixed Economy

What is the definition of profit?

• Financial loss

• Financial gain

• Financial stability

• Financial risk

What does economic freedom allow people to do?

• Avoid taxes

• Make decisions and earn rewards

• Control the government

• Increase inflation

What is private property?

• Public land

• Land or belongings owned by a group

• Government-owned land

• Unclaimed land

What is a quota?

• Unlimited number

• Limited or fixed number

• Variable number

• Random number

What is another term for a free enterprise economy?

• Command economy

• Mixed economy

• Free market economy

• Traditional economy

What is a command economy?

• Free market economy

• Communist economy

• Socialist economy

• Mixed economy

(a)   are capital goods.

• Natural resources
• Man-made items like tools
• Financial assets
• Consumer goods

An entrepreneur is (a)  

• A person who invests money
• A person who organizes labor and re
• A person who consumes goods
• A person who saves money