1) _________ is an economic system where the government controls everything and is the owner of everything. a) Patriarchy b) Communism c) Capitalism d) Theocracy 2) What is the main goal of Communism? a) maximum wealth b) maximum freedom c) maximum equality d) maximum innovation 3) When an economy industrializes ... a) ... things begin to be made in factories, not by hand. b) ... things are made by hand, not in factories. c) ... most people get rich. d) ... more people move to rural areas. 4) Which is NOT an example of an incentive? a) A boss offers a bonus to people who are never late or absent. b) Ms. Powers gives candy to kids who answer questions. c) People who invent new things can get rich. d) Companies have to pay money for polluting rivers. 5) When you create something new or different, you are ... a) industrializing b) urbanizing c) migrating d) innovating 6) In places with a lot of economic inequality, the _______ of a worker is much, much less than what the business owner earns. a) factory b) salary c) supply d) demand 7) Which economic system prioritizes freedom and wealth over equality and stability? a) Capitalism b) Communism c) Urbanism d) Monotheism 8) What do you call an economic system that combines parts of Capitalism and Communism? a) Supercombo b) Free Market c) Mixed Economy d) Polytheism 9) What would you expect to find in a rural area? a) Factories b) Farms c) Skyscrapers d) Beaches 10) What would you expect to find in an urban area? a) Lots of animals and forests. b) Lots of open space. c) Lots of crops and livestock. d) Lots of people and tall buildings. 11) When people move from one place to another, it's called ... a) migrating b) ruralizing c) industrializing d) unionizing 12) According to the Law of Supply and Demand, if there is a lot of something and not that many people want it very much ... a) ... it will be expensive. b) ... people will make more of it. c) ... it will be cheap. d) ... people will innovate. 13) What did Adam Smith say guides the economy best? a) The invisible hand of the government. b) The invisible hand of the market. c) The law of industrialization. d) Labor unions. 14) Who invented Communism? a) Adam Smith & Ronald Reagan b) Chairman Mao & King Jong Il c) Donald Trump & JD Vance d) Karl Marx & Friedrich Engels 15) Democratic Socialism is one kind of ... a) Free Market Economy b) Planned Economy c) Mixed Economy d) Monopoly

Economic Systems

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