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5 Written questions

5 Matching questions

  1. factor payments
  2. market
  3. market economy
  4. mixed economy
  5. transition
  1. a period of change in which an economy moves away from a centrally planned economy toward a market-based system
  2. b the income people receive for supplying factors of production, such as land, labor, or capital
  3. c economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets
  4. d market-based economic system with limited government involvement
  5. e an arrangement that allows buyers and sellers to exchange things

5 Multiple choice questions

  1. the study of how people seek to satisfy their needs and wants by making choices
  2. an expectation that encourages people to behave in a certain way
  3. industry that requires a large capital investment and that produces items used in other industries
  4. land, labor, and capital
  5. level of economic prosperity

5 True/False questions

  1. centrally planned economyeconomic system in which the central government makes all decisions on the production and consumption of goods and services

          

  2. profitan arrangement that allows buyers and sellers to exchange things

          

  3. communisma range with no clear divisions

          

  4. collectivean expectation that encourages people to behave in a certain way

          

  5. patriotismthe financial gain made in a transaction

          

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