Types of Economic Systems (Capitalism) - SS1 Economics Past Questions and Answers - page 1
1
In capitalism, who owns and operates the means of production?
A
The government
B
Private individuals and businesses
C
Labor unions
correct option: b
Users' Answers & Comments2
Means of production are privately owned and operated by ____________.
A
Profit
B
Social welfare
C
Government regulation
correct option: a
Users' Answers & Comments3
Which of the following is a characteristic of capitalism?
A
Government control of the economy
B
Centralized planning of production
C
Free market competition
correct option: c
Users' Answers & Comments4
What is the main goal of capitalism?
The main goal of capitalism is to create wealth and generate profit for private individuals and businesses.