United States Government: Democracy in Action

Chapter 26: Development of Economic Systems

Self-Check Quizzes

1
In which economic system does custom determine what, how, and for whom goods and services are produced?
A)market
B)command
C)socialist
D)traditional
2
Which of the following is an example of capital?
A)steel
B)risk-taker
C)factory worker
D)factory furnace
3
Which type of economic system do most countries of the world have?
A)capitalist
B)communist
C)mixed
D)socialist
4
In a free enterprise system, _____ own the means of production.
A)capitalists
B)a central planning committee
C)the government
D)society as a whole
5
Which event made the U.S. government part owner of many banks in the country?
A)the Great Depression
B)the bailout of 2008
C)the dot.com default
D)implementation of the Federal Deposit Insurance Corporation
6
Which of the following makes newly developed countries different from developing countries?
A)They have agriculture.
B)They have a natural resource.
C)They have fewer people.
D)They have industrial growth.
7
Socialist governments often take control of industry through _____.
A)privatization
B)redistribution
C)nationalization
D)democratization
8
How has Vladimir Putin affected the Russian economy?
A)He set up state farms.
B)He weakened the state.
C)He returned the country to communist ways.
D)He promoted reform.
9
Which of the following cuts off trade with another country?
A)tariffs
B)quotas
C)safety regulations
D)embargoes
10
Which of the following is advocated the most by the United States?
A)free trade
B)dumping
C)protectionism
D)fair trade
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