Economic System Review (Grade 9)
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Economic System Review
1.
Capitalism, Socialism, and Communism are:
- social systems.
- cultural systems.
- political systems.
- economic systems.
2.
What is the economic system in the United States?
- capitalist economy
- barter economy
- communism
- business
3.
Great Britain is an example of this type of economic system.
- traditional
- communist
- capitalist
- socialist
4.
What Caribbean nation is a communist state?
- Bahamas
- Cuba
- Dominican Republic
- Haiti
5.
Feudal society was dominated by a vast network of mutual relationships based on loyalty and service. Those who swore fealty to a lord were called vassals.
- True
- False
6.
According to mercantilism, a nation could increase its wealth and power by obtaining as much gold and silver as possible and by
- establishing a favorable balance of trade.
- establishing friendly relationships with the native people.
- conquering wealthy countries.
- taxing its citizens.
7.
Which of these played an important role in European Mercantilism?
- Colonies
- Slaves
- Manors
- Aristocrats
8.
A centrally planned economy is a
- traditional economy
- market economy
- command economy
- mixed economy
9.
Communism is a system of social organization in which all economic and social activity is controlled by a state or country.
- True
- False
10.
An economic system that is based on a society's values, customs, and traditions.
- Command Economy
- Traditional Economy
- Market Economy
- Feudalism
11.
Which of the following does not play a major role in a traditional economy?
- farming
- industrial technology
- labor
- satisfying people's basic needs
12.
The idea of laissez faire influenced the development of a free enterprise economic system in the United States. What does "laissez faire" mean?
- Business should be conducted fairly.
- Businesses should set fair prices for their goods.
- Governments should have little to do with the economy.
- Government should impose rules to ensure fairness in business.
13.
This person believed in self interest, the division of labor, and the laissez-faire economy.
- Karl Marx
- Charlemagne
- Adam Smith
- Benjamin Franklin
14.
Which of these is an essential feature of capitalism?
- Government ownership
- Price controls
- Central planning
- Free markets
15.
The problem of scarcity is caused by .
- unlimited wants and limited resources.
- limited wants and unlimited resources.
- unlimited wants and unlimited resources.
- limited wants and limited resources.
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