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5 Written questions

5 Matching questions

  1. collective
  2. heavy industry
  3. command economy
  4. economics
  5. firm
  1. a economic system in which a central authority is in command of the economy; a centrally planned economy
  2. b large farm leased from the state to groups of peasant farmers
  3. c industry that requires a large capital investment and that produces items used in other industries
  4. d an organization that uses resources to produce a product which it then sells
  5. e the study of how people seek to satisfy their needs and wants by making choices

5 Multiple choice questions

  1. the love of one's country; the passion that inspires a person to serve his or her country
  2. the doctrine that states that government generally should not intervene in the marketplace
  3. government programs that protect people experiencing unfavorable outcomes
  4. the financial gain made in a transaction
  5. land, labor, and capital

5 True/False questions

  1. marketan arrangement that allows buyers and sellers to exchange things


  2. free enterprisean 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


  3. competitionperiod of change in which an economy moves away from a centrally planned economy toward a market-based system


  4. incentivelarge farm leased from the state to groups of peasant farmers


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