Economics HISET Test Questions and
Answers
capitalism - Answer-An economic and political system in which a country's trade and industry are
controlled by private owners for profit, rather than by the state.
communism - Answer-A theory or system of social organization based on the holding of all property in
common, actual ownership being ascribed to the community as a whole or to the state.
mixed economy - Answer-An economy in which private enterprise exists in combination with a
considerable amount of government regulation and promotion.
socialism - Answer-A system in which society, usually in the form of the government, owns and controls
the means of production.
child labor laws - Answer-Laws passed over many decades, beginning in the 1830s, by state and federal
governments, forbidding the employment of children and young teenagers, except at certain carefully
specified jobs.
the economic opportunity act - Answer-Passed by Congress in August 1964, the act created dozens of
federal antipoverty programs and an office of economic opportunity to oversee them
minimum wage laws - Answer-laws specifying the lowest wage a firm can legally pay an employee
Answers
capitalism - Answer-An economic and political system in which a country's trade and industry are
controlled by private owners for profit, rather than by the state.
communism - Answer-A theory or system of social organization based on the holding of all property in
common, actual ownership being ascribed to the community as a whole or to the state.
mixed economy - Answer-An economy in which private enterprise exists in combination with a
considerable amount of government regulation and promotion.
socialism - Answer-A system in which society, usually in the form of the government, owns and controls
the means of production.
child labor laws - Answer-Laws passed over many decades, beginning in the 1830s, by state and federal
governments, forbidding the employment of children and young teenagers, except at certain carefully
specified jobs.
the economic opportunity act - Answer-Passed by Congress in August 1964, the act created dozens of
federal antipoverty programs and an office of economic opportunity to oversee them
minimum wage laws - Answer-laws specifying the lowest wage a firm can legally pay an employee
