The main idea of this chapter is that (a) a market economic system is the best economic system (b) there are different types of eco- nomic systems (c) people should not criticize the economic system of their own country (d) there is one global economic system. 2. Which one of the following questions does this chapter help you to answer? (a) What do all economic systems have in common? (b) What do Chinese leaders think of the United States? (c) Should people give up their traditions? (d) How shall I earn my living? 3. Which statement is an opinion rather than a fact? (a) Private indi- viduals own most of the factories in the United States. (b) All soci- eties must answer the what, how, and who questions. (c) Societies answer the what, how, and who questions in different ways. (d) The most important economic goal in the United States at the pres- ent time is to end poverty. 4. Which of the following is most likely to happen in a market economic system? (a) Storekeepers will try to give customers what they want. (b) Most stores will be owned by the government. (c) The price of goods and services will be set by the government. (d) Young people will take on the occupation of their parents when they grow up. 5. Which of the following is most likely to happen in a command eco- nomic system? (a) Storekeepers will try to give customers what they want. (b) A central authority will determine what will be produced and at what price. (c) There will be many different brands of each type of merchandise. (d) Businesses will spend a lot of money adver- tising their products. 6. Which of the following best explains why every society must find ways to answer the what, how, and who questions? (a) It helps the government to make plans for the future. (b) The law requires it. (c) There is not enough of everything to go around. (d) People in business need that information. 7. Generally speaking, the means of production in a free enterprise economy are (a) owned by individuals (b) owned by the government (c) the consumer goods that the economy produces (d) the way it decides who, how, and what to produce. 8. The fall of the Soviet Union in 1991 led to (a) the rise of dictatorships in Western Europe (b) greater economic and political freedom among the nations of Eastern Europe (c) more nations in Eastern Europe turning towards a Communist economic system (d) the spread of communism among the nations in Africa, Asia, and Latin America. 9. The country that people are most likely to consider an example of socialism is (a) Canada (b) Norway (c) Cuba (d) North Korea. 10. The phrase that is LEAST accurate in describing the economy of the United States today is (a) free enterprise (b) free market (c) capitalism (d) mostly traditional.