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Duplicate of Governments: Types & Economic Systems Flashcards | StudBud
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Duplicate of Governments: Types & Economic Systems
Duplicate of Governments: Types & Economic Systems
22 terms
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StudBud Administration
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Quick review of major systems of government. #civicsup
Flashcards
22 cards
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Questions
22
Answers
1
All are features of a command economy except:
government ownership of everything
Private property rights
full employment
lack of economic freedom
2
What is an important advantage of a free market?
it is easy to regulate
it offers a wide variety of goods and services
it does not change unless the government directs it
it protects the less fortunate
3
At which stage of the business cycle would there be Low Inflation?
Peak
Trough
Contractionary Period
Expansionary Period
4
In this economic system, the government owns all businesses and controls buying and selling.
capitalism
communism
socialism
autocracy
5
Which type of government has a single ruler, usually with unlimited power?
democracy
autocracy
oligarchy
federal
6
Economic activity goes up during this phase of the business cycle.
Recession
Trough
Expansion
Peak
7
What is Lobbying?
A type of home renovation
When governments put restrictions on businesses
An attempt to influence political decisions by organisations
8
opportunity cost
earning the best profit possible
cost of selling a business to begin another
cost of choosing one opportunity or investment over another
cost of operating a business
9
Which of the following is a disadvantage of a Market Economy?
High degree of individual freedom
Having specialization in products
Not everyone's needs are provided for
The people have to decide what goods are made
10
Country A has the comparative advantage in:
Both
Cars
Neither
Trucks
11
A lack of government control over business
nogovernment4life-ism
capitalism
dictatorship
autocracy
12
In this economic system, people can buy and sell and run businesses with few restrictions.
federalism
capitalism
socialism
communism
13
In which type of government do the voters choose leaders to make laws and rules?
autocracy
republic
representative democracy
direct democracy
14
Command economy also known as
developed economy
service economy
planned economy
Governmental economy
15
Country A has an absolute advantage producing:
cars and trucks
cars
neither cars nor trucks
trucks
16
Country B has the comparative advantage in:
Cars
Trucks
Both
Neither
17
A government in which the citizens vote for all laws and rules
direct democracy
republic
autocracy
oligarchy
18
NOT a benefit of free enterprise capitalism?
Variety of goods
Income equality
Individual freedom
19
What are the two main variables that establish the business cycle?
Real GDP & Time
GNI & Time
Population & Density
GDP & GNP
20
Which type of government has the highest amount of citizen power and participation?
constitutional monarchy
dictatorship
democracy
oligarchy
21
Capitalism
An economic and political system controlled by the state
an economic and political system in which is controlled by private owners
22
Which is
not
true about a Free Market Economy?
There is no economic plan
Resources are owned by the government
The market determines prices
There is limited government control on what/how to produce
