Practice Quiz Chap 2 - POP QUIZ WORKSHEET 1: CHAPTER 3...

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POP QUIZ WORKSHEET 1: CHAPTER 3 NAME:__________________________________ COURSE: ________________________________ 1. In a capitalist system a. goods are distributeed based on people’s needs. b. the factors of production are owned by the state. c. political, social, and historical forces play no role in the coordination of economic activity. d. businesspeople decide how to produce efficiently, guided by their desire to make a profit. 2. A socialist system, in practice, a. is based on private property, which is central to the ability of the market to coordinate activity. b. cannot coordinate human wants and needs. c. is strictly an economic system. d. is based upon individuals’ goodwill toward others. 3. Which of the following statements correctly distinguishes capitalism from socialism? a. In capitalism, “what to produce” is determined by consumer demand; in socialism, by free market forces. b. In capitalism, “how to produce” is determined by businesspeople’s desire to minimize cost and maximize profits; in socialism, it is determined to a much greater degree by government.
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Practice Quiz Chap 2 - POP QUIZ WORKSHEET 1: CHAPTER 3...

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