1) This statement reflects the basic idea of which 3) A key principle of the economic theory of economic system? communism is: Base your answer to # 1 on the quote below: 1. Restoration of a bartering system 2. Organization of of colonies is to ship raw materials to the “The purpose workers’ unions 3. Government ownership of property colonial power and buy finished goods from the 4. Privatization of business colonial power.” 1. Socialism 2. Communism 4) Which concept led to the formation of the North 3. Mercantilism Free Trade Agreement (NAFTA) and the 4. Capitalism European Union (EU)? 1. Nationalism 2. Imperialism 2) Which statement is a description of a market economy? 3. Interdependence 1. Government planning agencies make some economic 4. Socialism decisions and private businesses make others 2. Individual decision making and supply and demand 5) In the Soviet Union, under Mikhail Gorbachev, the influence basic economic decisions. trend toward private ownership of businesses 3. The national government controls all resources, labor represented a move away from: supply and means of protection 1. A traditional economy 4. Customs, religions and traditions determine most 2. A command economy economic decisions 3. A free-market economy 4. Laissez-faire economy #6 Economic Systems Essay Use the information from the information sheet to answer the questions. Required length for each answer: One complete paragraph.
1) This statement reflects the basic idea of which economic system? Base your answer to # 1 on the quote below: “The purpose of colonies is to ship raw materials to the colonial power and buy finished goods from the colonial power.” 1. Socialism 2. Communism 3. Mercantilism 4. Capitalism 2) Which statement is a description of a market economy? 1. Government planning agencies make some economic decisions and private businesses make others 2. Individual decision making and supply and demand influence basic economic decisions. 3. The national government controls all resources, labor supply and means of protection 4. Customs, religions and traditions determine most economic decisions 3) A key principle of the economic theory of communism is: 1. Restoration of a bartering system 2. Organization of workers’ unions 3. Government ownership of property 4. Privatization of business 4) Which concept led to the formation of the North Free Trade Agreement (NAFTA) and the European Union (EU)? 1. Nationalism 2. Imperialism 3. Interdependence 4. Socialism 5) In the Soviet Union, under Mikhail Gorbachev, the trend toward private ownership of businesses represented a move away from: 1. A traditional economy 2. A command economy 3. A free-market economy 4. Laissez-faire economy #6 Economic Systems Essay Use the information from the information sheet to answer the questions. Required length for each answer: One complete paragraph.