Glencoe Civics Ch. 26 Comparing Economic Systems

customs duty(tax)

Which of the following is moving from a command economy to a market economy?

goods sold to other countries

occurs when the value of a nation's imports exceeds the value of its exports

system in which decisions are made in free markets on the basis of supply and demand

belief that the means of production (resources) should be owned by society equally

system in which economic decisions are based on custom or habit

Which of the following means the government owes you money?

Which tax document do you fill out at the end of the year?

Which tax document do you receive from your employer at the end of the year?

difference between the value of a nation's exports and imports

price of one nation's currency in terms of another nation's currency

ability of a country to produce at a lower cost than another country

Which tax document do you fill out before you start your job?

system in which one class would evolve, all property would be held in common, and there would be no need for government

country whose average per capita income is only a fraction of more industrialized countries

Which of the following describes the economy of the U.S.?

Total GDP/population

limit on the amount of foreign goods imported

goods bought from other countries

economy in which major decisions are made by the central government

occurs when the value of a nation's exports exceeds the value of its imports

economy in which private ownership of property is combined with government regulations

Which of the following reduces your taxable income?

Which of the following is a trade agreement between Canada, U.S. and Mexico