Types of Economic Systems (Capitalism) - SS1 Economics Past Questions and Answers - page 1
1
In capitalism, who owns and operates the means of production?
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A
The government
B
Private individuals and businesses
C
Labor unions
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2
Means of production are privately owned and operated by ____________.
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A
Profit
B
Social welfare
C
Government regulation
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3
Which of the following is a characteristic of capitalism?
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A
Government control of the economy
B
Centralized planning of production
C
Free market competition
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4
What is the main goal of capitalism?
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