Questions and Answers
Which economic system is characterized by private ownership of the means of production, free-market competition, and minimal government intervention in economic affairs?
Capitalism
In which economic system are the means of production owned or controlled by the state or society as a whole?
Socialism
Which type of economic system incorporates elements of both capitalism and socialism?
Mixed Economies
What does globalization refer to?
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What are some benefits of globalization?
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Which of the following is NOT a trade barrier?
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Which organization controls the money supply and sets interest rates in the United States?
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What is the principle that countries should specialize in producing goods and services they can produce most efficiently, and trade with others to obtain what they cannot produce efficiently?
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Which of the following is an example of a regional trade agreement?
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What are some challenges of globalization?
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