IV. Test

1. Government has a … role in a planned economy.

2. Individuals are not permitted to … property, land and other means of production.

3. They decide the type and … of goods and services to be produced.

4. A table helps planners calculate the resources needed to meet the various output… .

5. People purchase goods and services with money they … .

6. In the … sector production decisions are made by firms.

7. In the public sector, public goods and merit goods are provided free and are paid for by … .

8. Taxes will be lower and the distribution of wealth and … less equal.

9. One of the roles of the government is to ensure that there is … competition in the private sector.

10. Businesses are set up by individuals to supply a wide … of goods and servies.

1. earn

2. fair

3. income

4. mix

5. own

6. private

7. public

8. supply

9. targets

10. taxes

11. variety

12. vital

1. minimal of material comfort with which a person or class may reasonably be content;

2. allowance, to which a person is entitled;

3. to obtain as reward of labour;

4. contribution levied on persons, property or business for support of government;

5. toil tending to supply wants of community;

6. periodical receipts from one's business, lands, work, investments;

a country having national health service, national insurance and other social services.

1. benefit

2. to earn

3. income

4. labour

5. standard of living

6. tax

7. welfare state