-
Which of the following is NOT one of the three major ECONOMIC SYSTEMS?
-
A. socialism
B. activism
C. communism
D. capitalism -
CAPITALISM is a system about which the following statements are true EXCEPT:
-
A. People own their own businesses and trade freely with each other.
B. Making a profit is the driving force.
C. The government controls the whole economy.
D. The price of goods and services depends upon what people want and are willing to pay for. -
SOCIALISM is a system about which the following statements are true EXCEPT:
-
A. The government owns the major industries.
B. Private ownership of certain businesses is allowed.
C. The government provides for the general welfare of its citizens.
D. Socialism depends largely on profits made by many social organizations. -
COMMUNISM has the following characteristics EXCEPT:
-
A. The government owns all means of production.
B. There are no social classes.
C. Everyone's needs are to be provided for.
D. The amount, type and price of goods are determined by the marketplace. -
COMPETITION involves all of the following EXCEPT:
-
A. the desire to make a profit
B. the willingness to take risks
C. a disposition to "play it safe"
D. the need to survive in a free market -
Manny and Mildred started a little bakery near the high school. They had a
very good business until Joe and Amy started a bakery across the street. Which
of the following words describes what Manny and Mildred faced when the second
bakery moved in?
-
A. cooperation
B. competition
C. interstate commerce
D. due process -
Which of the following is NOT a reason for investing in a business?
-
A. making a profit
B. helping a company which purchases from you
C. avoiding taxes
D. putting extra cash to work -
Manny's good friend, Chris, decided to start a bakery in a different
neighborhood and asked Manny to put some money into the business. Manny has
decided to do that. Which of the following most accurately describes what
Manny has decided to do?
-
A. cooperate in the business
B. invest in the business
C. work part time for Manny
D. advertise Manny's products -
Manny's bakery was an example of FREE ENTERPRISE because
-
A. the property was free and clear.
B. he made a deal to pay no taxes.
C. the government did not interfere with his decision to start a business.
D. he gave free cookies on Saturday. -
MEANS OF PRODUCTION include all EXCEPT:
-
A. factories
B. machines
C. raw material
D. people
|
|
|
The Companion to The Little Book On Line
for Teachers and Tutors |
Vocabulary Drill
P. Economic Systems
#8. Identify major economic systems: capitalism, socialism, communism.
Ohio Department of Education - High School Proficiency Testing Fact Sheets
In answering these questions refer to Section P of The Little Book and the Related Words list. Circle the letter of the correct answer.
Answer Key
Go to Homework
