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Chapters 2 and 3 Review Flashcards | StudBud
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Chapters 2 and 3 Review
Chapters 2 and 3 Review
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Questions
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Answers
1
The "Free Rider" Problem is when an amusement park is giving away too many free rides.
False
True
2
Economic Freedom, Economic Security, and Economic Growth are all examples of what?
Presidental Acts
National Goals
Amazon Deals
Economic Goals
3
Programs like Social Security and Medicare/Medicaid are all examples of what?
Laws
Checks and Balances
Social Funding
Redistribution Programs
4
A Traditional Economy...
Has a strong central government who controls every aspect of the economy
Relies on consumer spending to determine what and how much to produce
Relies on traditions and generational knowledge
Has elements of all other economic systems
5
The graphic below is an example of what economic system?
Free Enterprise
Pure Free Market
Mixed
Traditional
6
What are the 3 types of incentives?
Moral, Social, Economic
Moral, Philosophical, Social
Moral, Wealth, Social
Economic, Profit, Social
7
The concept of Open Opportunity promotes what?
Economic Restrictions
Economic Equity
Competition
Command economies
8
A Command Economy...
Relies on consumer spending to determine what and how much to produce
Has a strong central government who controls every aspect of the economy
Has elements of all other economic systems
Relies on traditions and generational knowledge
9
Market Failure is when the free market can distribute resources efficiently.
True
False
10
Externalities are the economic side effects of a good or service that generates benefits or costs to a third party.
True
False
11
Ice Cream, School Supplies, and Forests are examples of what kind of good?
Non-rivalrous
Rivalrous
Non-excludable
Excludable
12
The Free Enterprise System....
Does not exist in the world
Is a traditional economy
Is a Pure Free Market System
Is a Mixed Economcy with elements of Capitalism
13
A Pure Free Market Economy...
Relies on consumer spending to determine what and how much to produce
Has elements of all other economic systems
Relies on traditions and generational knowledge
Has a strong central government who controls every aspect of the economy
14
Mines, Sunshine, and the News are all examples of what kind of good?
Excludable
Non-rivalrous
Rivalrous
Non-excludable
15
Which of the following things below does GDP NOT measure?
Consumer Investment
Net Imports
Business Investment
Government Investment
16
What are the three "questions" each economy must answer?
"Who", "What", "How"
"How", "When", "Why"
"What", "What", "What"
"What", "Where", "Why"
17
Adam Smith and his idea of the
Invisible Hand
are examples of large government intervention.
True
False
18
GDP is a measure of an economy's health.
False
True
19
A Mixed Economy...
Has a strong central government who controls every aspect of the economy
Relies on traditions and generational knowledge
Relies on consumer spending to determine what and how much to produce
Has elements of all other economic systems
