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5 Written questions

5 Matching questions

  1. laissez faire
  2. household
  3. 4th
  4. product market
  5. safety net
  1. a government programs that protect people experiencing unfavorable outcomes
  2. b a person or group of people living in the same residence
  3. c the doctrine that states that government generally should not intervene in the marketplace
  4. d the market in which households purchase the goods and services that firms produce
  5. e Entrepreneurs

5 Multiple choice questions

  1. period of change in which an economy moves away from a centrally planned economy toward a market-based system
  2. a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government
  3. an arrangement that allows buyers and sellers to exchange things
  4. a range with no clear divisions
  5. land, labor, and capital

5 True/False questions

  1. private propertyto sell state-run firms to individuals


  2. economicsthe methos used by a society to produce and distribute goods and services


  3. factor marketthe income people receive for supplying factors of production, such as land, labor, or capital


  4. socialisma social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society


  5. economic systemthe study of how people seek to satisfy their needs and wants by making choices