Capitalism vs Socialism
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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 (correct)
  • Socialism
  • Globalization
  • Mixed Economies
  • In which economic system are the means of production owned or controlled by the state or society as a whole?

  • Capitalism
  • Mixed Economies
  • Globalization
  • Socialism (correct)
  • Which type of economic system incorporates elements of both capitalism and socialism?

  • Socialism
  • Mixed Economies (correct)
  • Globalization
  • Capitalism
  • What does globalization refer to?

    <p>Increasing interconnectedness of economies, cultures, and societies</p> Signup and view all the answers

    What are some benefits of globalization?

    <p>Increased trade and economic growth</p> Signup and view all the answers

    Which of the following is NOT a trade barrier?

    <p>World Trade Organization</p> Signup and view all the answers

    Which organization controls the money supply and sets interest rates in the United States?

    <p>Federal Reserve</p> Signup and view all the answers

    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?

    <p>Comparative Advantage</p> Signup and view all the answers

    Which of the following is an example of a regional trade agreement?

    <p>North American Free Trade Agreement</p> Signup and view all the answers

    What are some challenges of globalization?

    <p>All of the above</p> Signup and view all the answers

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