WH 11 quiz 3

25 June 2024
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question
is another term for a market economic system.
answer
capitalism
question
What is the best definition of an economic system? economy based on traditional production methods process by which people choose how to use limited resources in order to meet their needs government makes the best decisions
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2
question
This economic system is characterized by the unregulated exchange of goods and services. Mercantilism Communism Socialism Free Market
answer
4
question
Capitalism has evolved away from pure capitalism into ______________ throughout much of the world. traditional economy mixed economy pure capitalism command economy
answer
2
question
The goal of a command system is _____. to preserve the past to maximize profits to make members of society more equal
answer
3
question
Mercantilists stated that a country's wealth and strength came from the ability to _____. hoard precious metals maintain a large military own more colonies import more than it exported
answer
1
question
Which economic system allows for less freedoms of innovation? traditional economy mixed economy pure capitalism command economy
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4
question
Adam Smith wrote the famous economics book _____. The Wealth of Countries The Rise of Mercantilism The Wealth of Nations The Wealth of Economic Systems
answer
3
question
Which of the following best illustrates the traditional economic system? label reading Made in China passing clothes down from older to younger brother choosing to start a sub sandwich restaurant
answer
2
question
Stratification is _____. the division of classes based on heredity a society's placement of families into categories a way to determine socioeconomic status the categorization of society into social classes
answer
4