1) Laissez-faire economics is when the government's role is... a) powerful b) limited c) unlimited 2) Laissez-faire economics helps... a) maintain competition b) set prices of goods c) decide what is produced 3) Production means a) not enough of b) creation of something c) way goods/services given out 4) Example of labor is... a) money b) computer c) computer operator 5) A command economy is where the government decides what and how to produce and for whom. a) True b) False 6) In a command economy, a) Individuals have less economic freedom b) is just like a market economy c) producers set prices 7) In a market economy, the prices for goods and services are determined by producers and consumers. a) True b) False 8) Which country is NOT an example of command economy? a) Cuba b) North Korea c) United States 9) Free Enterprise is also known as... a) capitalism. b) socialist. c) traditional. 10) A primary characteristic of a capitalist system is a) graduated income tax b) private ownership of property c) equal distribution of resources

Economics Vocabulary

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