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  • Which of the following is a characteristic of a theoretical socialist economic system?

    All means of production are funded by individual members of society.
    Private ownership of land, machinery, and factories is encouraged by the government.
    Wealth and resources are distributed according to social class.
    Major areas of the economy are controlled by the government.


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    created by State of Ohio


  • The Duncanville water supply is too contaminated to be used for drinking. City officials decide to postpone a major bridge construction project and use those funds to improve the quality of the municipal water. This is an example of which of the following concepts?

    interdependence
    supply and demand
    satisfying wants with limited resources
    allocation of goods through a market


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    created by State of Ohio


  • In theory, capitalism is an economic system in which

    the government controls all property.
    individuals invest in the means of production.
    society as a whole controls the distribution of goods.
    the government meets the economic needs of the people.


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    created by State of Ohio


  • Which one of the following does NOT contribute to international trade?

    Resources are unevenly distributed throughout the world.
    People in some nations want only goods that are produced locally.
    Different countries specialize in different products and services.
    Some countries lack all the products and services their people want.


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    created by State of Ohio


  • Taxes pay for many government services and projects. Which of the following is NOT paid for by taxes?

    the nation’s interstate highway system
    a city’s municipal fire departments
    a Governor’s trip to encourage trade
    a company’s retirement plan


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    created by State of Ohio


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