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5 Written questions

5 Matching questions

  1. free enterprise
  2. safety net
  3. 4th
  4. privatize
  5. market
  1. a an arrangement that allows buyers and sellers to exchange things
  2. b Entrepreneurs
  3. c government programs that protect people experiencing unfavorable outcomes
  4. d to sell state-run firms to individuals
  5. e an economic system characterized by private or corporate ownership of capital goods; investments that are determined by private decision rather than by state control; and determined in a free market

5 Multiple choice questions

  1. term economists use to describe the self-regulating nature of the marketplace
  2. deciding whether to do or use one additional unit of some resource (one more or less)
  3. the financial gain made in a transaction
  4. land, labor, and capital
  5. industry that requires a large capital investment and that produces items used in other industries

5 True/False questions

  1. private propertyto sell state-run firms to individuals


  2. centrally planned economyeconomic system in which a central authority is in command of the economy; a centrally planned economy


  3. continuuma political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government


  4. traditional economyeconomic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services


  5. product marketmarket in which firms purchase the factors of production from households


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