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All Intro Econ
All Intro Econ
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1
Which countries are often associated with socialism?
USA, UK, Germany
China, North Korea, USSR
Australia, Canada, Mexico
Sweden, Norway, Denmark
2
What is a major drawback of communism in most countries that have tired it?
They have expanded private property rights.
They have formed classless societies.
They have seen great economic growth.
They have had authoritarian regimes.
3
Communism is also known as:
Democracy
Smithism
Capitalism
Marxism
4
What is communism supposed to create?
a classless and equal society
a capitalist society
a dictatorship run society
a hierarchical society
5
Communism advocates for the government staying out of business and the economy.
True
False
6
What does Adam Smith's 'invisible hand' refer to?
The hand of advertising manipulating of consumers
The hand guiding Self-interested individuals to do what's good for everyone
The hand of capitalists oppressing their workers
The hand of the government regulating markets
7
What concept suggests that individuals pursuing self-interest benefit society in a free market?
Consumer Sovereignty
Invisible Hand
Price Mechanism
Laissez Faire
8
Which country has embraced quite a bit of capitalism even though they are officially communist?
North Korea
Cuba
China
USSR
9
Where was Adam Smith born?
Scotland
England
France
United States
10
What is the principle that power in the free market is with consumers and their choices?
Price Mechanism
Laissez-Faire
Consumer Sovereignty
Efficiency
11
What is generally one drawback of socialism?
lower taxes
equal taxes
higher taxes
no taxes
12
What is the goal of socialism?
Promote individualism
Address social inequalities
Encourage competition
Maximize profits
13
What does laissez-faire mean in the context of capitalism?
Complete government control
Free trade agreements
Market manipulation
Minimal government intervention
14
What is the key principle of free market economics that emphasizes minimal government intervention?
Laissez-Faire
Price Mechanism
Efficiency
Consumer Sovereignty
15
What is the goal of individuals and businesses in capitalism?
Serving the community
Creating employment
Generating profit
Achieving equality
16
When supply is greater than demand, prices should generally:
Rise.
Fall.
17
In a Free Market Economy prices are determined by:
Government Edict
Tradition
Random Chance
Supply and Demand
18
Who is considered the "father of economics"?
Milton Friedman
Adam Smith
Karl Marx
John Maynard Keynes
19
What do basically all major modern economies operate under today?
Mixed Economies
Pure Free Markets
Pure Capitalism
Pure socialism
20
What encourages firms to improve their products in capitalism?
Price regulation
Consumer demands
Market competition
Government subsidies
21
Who owns and controls the production and distribution of goods and services in capitalism?
individuals and businesses
nobody
workers and consumers
government and organizations
22
Costs of a business entering a new market are called:
Price Mechanisms
Invisible Hands
Loans
Barriers to Entry
23
Capitalism is
primarily
:
a political system
an economic system
a cultural identity
a social movement
24
Capitalism and Free Market Economics play a major role in the economies of:
Most ancient civilizations, and a few modern countries
Very few countries at any point in history.
Most modern countries in the world today.
Every country in history
25
What is the main difference between pure capitalism and socialism?
striving for productivity
government intervention
individual ownership
consumer markets
26
Capitalism produces winners and losers through:
Award Ceremonies
Government Decrees
Market Competition
Random Chance
27
Does socialism prioritize social welfare over profits?
True
False
28
What is a mixed economy?
A blending of communism and socialism
A blending of communism and Marxism.
A blending of capitalism and socialism
A blending of capitalism and communism
29
In a purely free market system the governments main job or jobs in the markets would be:
Picking which companies should succeed or fail.
Running schools and post offices.
Enforcing contracts and protecting property.
Ensuring equal pay for equal work.
30
Intellectual Property includes all of the following EXCEPT:
Real Estate
Patents
Copyrights
Trademarks
31
Consumer Sovereignty is sometimes very limited because:
The Invisible Hand prevents them from having choices.
There is insufficient government funding for it.
Consumers may have limited options or knowledge
Big Corporations always hold all the power.
