Who or what owns the means of production in a free-market economic system?Multiple choice question.citizens with connections in the governmentstate governmentfederal governmentprivate firms

An economic system based on competition in the marketplace and private ownership of the factors of production is known as:Group of answer choicescapitalismScratchutopianismScratchsocialismScratchdemocratic economyScratchprivatization

The economic system under which basic industries are operated by the government or owned by the private sector under strong government control is called:Group of answer choicescapitalismScratchsocialismScratchcommunismScratchpublic enterpriseScratchlaissez faireScratch

The government owns or has a strong hand in all small businesses in what type of economic system?Multiple Choicepure capitalismcommunismsocialismmodified capitalism

A car company is deciding on a location for a new factory. Its leaders finally agree on a plan to build the factory in a foreign country to take advantage of cheaper labor. Even though the plan is criticized by local activists and newspapers, the company moves ahead with it. Which element of the free enterprise system does this situation best reflect?A.Individual freedom for producersB.Limited role of the governmentC.CompetitionD.Profit motive

4  The government of a developed country subsidises local private businesses, and encourages large foreign companies to locate in the country.Which type of economic system is this?1 pointA free marketB mixedC plannedD subsistence