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Topic Review: Free Enterprise System

Quiz by Quizalize - Grade 8 Social Studies

Grade 8
Social Studies (2018)(Archived)
Texas Essential Knowledge and Skills (TEKS)

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15 questions
Show answers
  • Q1
    Which is NOT an element of Free Enterprise?
    controlled by central authority
    competition
    profits
    buy and sell freely
    30s
    113.20.14.B
  • Q2
    An economic system with minimal government interference is called-
    embargo
    command economy
    free enterprise
    sedition
    30s
    113.20.14.B
  • Q3
    What is considered a negative effect of government economic regulations?
    it does not protect the well-being of the public
    it is expensive for businesses to follow all the regulations
    it allows business to sell unsafe products
    it protects consumers but harms the environment
    30s
    113.20.14.A
  • Q4
    This allows the government to take private property for public use.
    eminent domain
    economic domain
    public trust
    public interest
    30s
    113.20.14.A
  • Q5
    Which are the government's three goals for promoting economic strength?
    high employment, steady growth, & stability
    steady growth, high prices, & innovation
    high employment, increased spending, & low taxes
    low unemployment, low prices, & low taxes
    30s
    113.20.14.A
  • Q6
    Hamilton supported government tariffs on goods imported from other countries. He argued that such protective tariffs would-
    encourage manufacturing within the US
    increase trade between the US and other countries
    lead to the abolition of slavery in the US
    contribute to the growth of agriculture in the US
    30s
    113.20.14.A
  • Q7
    The Early Republic leaders encouraged free enterprise by-
    building roads & bridges to open western markets
    business loans for manufacturing & trade
    all answers are correct
    establishing a national bank & currency
    30s
    113.20.14.A
  • Q8
    Which is NOT a characteristic of a free enterprise economy?
    private owners earn profit from sales
    businesses use loans to grow
    government officials set market prices for goods
    customers choose from competing products
    30s
    113.20.14.B
  • Q9
    Competition, economic freedom, & individual choice are examples of-
    mercantilism
    free enterprise
    war
    era of bad feelings
    30s
    113.20.14.B
  • Q10
    Alexander Hamilton's financial plan was favored over the old-
    English mercantilism policies
    debts owed to Spain
    electoral college
    trade policies with France
    30s
    113.20.14.A
  • Q11
    The consumer is-
    the buyer of goods/products
    from another country
    seller/maker of goods
    revenue collected by the government
    30s
    113.20.14.B
  • Q12
    The producer is-
    from another country
    the seller/maker of goods
    revenue collected by the government
    the buyer of goods/products
    30s
    113.20.14.B
  • Q13
    A tax on an imported good/products is-
    a manufacturer
    a consumer
    a tariff
    a producer
    30s
    113.20.14.B
  • Q14
    What is an economic factor that contributed to early industrialization in the US?
    increased government regulation
    new transportation systems
    a decline in agricultural production
    the growth of labor unions
    30s
    113.20.14.B
  • Q15
    What was a benefit of the free enterprise system?
    more government involvement with business
    fewer slaves needed to work in factories
    less dependence on foreign products
    less specialized labor & production
    30s
    113.20.14.B

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