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10 questions
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- Q1Which economic system is characterized by private ownership of resources and minimal government intervention?Free enterprise systemTraditional economyCommunist economySocialist economy30s6.7.B
- Q2What is a key feature of a socialist economy compared to a free enterprise system?Unlimited private propertyNo taxationComplete absence of marketsGovernment control over key industries30s6.7.B
- Q3In a communist economy, who typically owns and controls the resources and means of production?Religious institutionsThe governmentPrivate corporationsIndividual entrepreneurs30s6.7.B
- Q4Which of the following is a benefit of the U.S. free enterprise system?Encourages innovation and entrepreneurshipStrict government regulationsCentralized economic planningEquality of wealth distribution30s6.7.B
- Q5How does a free enterprise system differ from a communist economy in terms of property ownership?Private property is banned in both systemsProperty is owned by the community in both systemsThe state owns all property in a free enterprise systemIndividuals can own private property in a free enterprise system30s6.7.B
- Q6What economic system aims for equal distribution of wealth and resources among its citizens, often through state control?Free enterprise systemMixed economySocialist economyCommunist economy30s6.7.B
- Q7In which type of economic system do both the government and private individuals have important roles in controlling economic resources?Mixed economyBarter systemCommunist economyFree enterprise system30s6.7.B
- Q8Which economic system relies heavily on the principles of supply and demand to determine prices and production levels?Free enterprise systemCommunist economyCommand economyPlanned economy30s6.7.B
- Q9Which of these economic systems typically redistributes wealth through high taxation and extensive social programs?Communist economyFree enterprise systemTraditional economySocialist economy30s6.7.B
- Q10What is one advantage of a free enterprise system compared to a socialist economy?Greater economic freedom for individualsLimited entrepreneurship opportunitiesEqual income distributionHigher government control over industries30s6.7.B