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Yelin- Econ systems Quiz Flashcards | StudBud
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Yelin- Econ systems Quiz
Yelin- Econ systems Quiz
25 terms
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StudBud Administration
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Quiz on Econ systems!
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Switching types of economic systems is usually easy for a country or person. TRUE OR FALSE?
impossible
True
False
2
A hope/ fear that encourages consumers to behave in a certain way is what?
entreprenuer
incentive
risk
factor of production
3
What type of economic system is based largely on agriculture and trading of goods and services?
Market/Capitalist Economy
Command Economy
Mixed Economy
Traditional Economy
4
What economic system is about freedom and choice to use money and resources however you want?
Mixed Economy
Command/Communist Economy
Market/Capitlist Economy
Traditional Economy
5
What type of economic system is totally controlled entirely by the government?
Mixed Economy
Traditional Economy
Market/Capitalist Economy
Command/Communist Economy
6
What type of economic system is BEST represented in this image?
Traditional Economy
Market/Capitalist Economy
Mixed Economy
Command/Communist Economy
7
Sometimes employers take advantage of or abuse workers in which type of economic system?
Traditional Economy
Command/Communist Economy
Market/Capitalist Economy
Mixed Economy
8
What type of economic system is BEST represented by this picture?
Mixed Economy
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
9
A metaphor for unseen forces that move the free market economy
capitolism
sovereignty
A Wealth of Nations
invisible hand
10
Which type of economy BEST allows some people to become very rich while others may be poor?
Market/Capitalist Economy
Traditional Economy
Mixed
Command/Communist Economy
11
What is the chief characteristic of an ecnomic economy?
economic freedom
specialization
efficiency
growth
12
which one of these is NOT an advantage of a free market?
efficiency
growth
constistency
freedom
13
What type of economic system is BEST represented by this image?
Market/Capitalist Economy
Mixed Economy
Traditional Economy
Command/Communist Economy
14
Which is NOT an example of a market?
New York Stock exchange
Mount school store
auctions
marathons
15
Most countries in the world today are what type of economic system?
Command/Communist Economy
Market/Capitalist Economy
Mixed Economy
Traditional Economy
16
Adam Smith believed WHAT is the motivation in a free market?
specialization
invisible hand
incentives
self-interest
17
What person is MOST associated with a Command/Communist Economy?
Adam Smith
Karl Marx
18
What is the term used for rising prices?
selling short
compound interest
inflation
shortage
19
What economic system is a combination of Market/Capitalist and Command/Communist economies?
Market/Capitalist Economy
Mixed Economy
Traditional Economy
Command/Communist Economy
20
"A way a society decides what to produce and how it is distributed." This is a definition of ...
communism
capital
bartering
economic system
21
Which economy is fairly stable, since people did what their parents did, generation after generation?
Market/Capitalist Economy
Command/Communist Economy
Mixed Economy
Traditional Economy
22
How many years has Mount been in history?
110
101
100
125
23
What person is MOST associated with a Market/Capitalist Economy?
Karl Marx
Joe Biden
Adam Smith
Elon Musk
24
Which one of these is NOT a DISADVANTAGE of a free market system?
consumer sovereignty
inferior goods
outsourcing
economic inequality
25
Workers sometimes lack incentive to work hard or are lazy in which type of economic system?
Mixed Economy
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
