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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
30 terms
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StudBud Administration
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Economic systems review
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Getting more stuff in the future is the main concern of which social goal?
Stability
Freedom
Markets
Growth
2
When a man decides to buy a ring for engagement this is a _____ decision.
Market
Traditional
Command
Silly
3
If a person has personal wealth which goal will he be least likely to focus on?
Growth
Freedom
Efficiency
Equity
4
The number of people a country has will most influence which Factor of Production.
Capital
Entrepreneurship
Land
Labor
5
Some decisions in our nation are based on security and others based on freedom, because we have what economic system?
Command
Mixed
Traditional
Market
6
Which does not occur in Command economies
unemployment is lower
Variety of products is lower
Quality of products is lower
prices change faster
7
Command Economies Usually dominate in nations with which type of government?
Democracy
Communist
Republics
Authoritarian
8
When nations have a command economies they will tend to produce everything in private companies for personal profit.
True
False
9
Which is
NOT
a priority in a Command economy?
Security
Equity
Stability
Growth
10
Which of the following measures the value of all goods produced in a nation?
Unemployment
GDP
Inflation
Stock market
11
Laws requiring people to make specific decisions are examples of what kind of decisions
Command
Political
Traditional
Market
12
The United States has a _________ economy.
Command
Market
Traditional
Mixed
13
Religion is usually associated with what type of economic system?
Command
Traditional
Market
Theocracy
14
What, How, and for whom things are ________ are the questions that all economies must answer.
produced
Consumed
Privitized
Incentives
15
Price inflation (RISING) is the main concern of which social goal?
Security
Freedom
Equity
Stability
16
The economic problem that all economies must solve is the problem of...
Trade-offs
Equity
Incentives
Scarcity
17
The idea of giving a subsidy for school lunches to help the health of low income families is to encourage...
Economic Stability
Economic Freedom
Economic Equity
Economic Growth
18
Which
will not
be a problem for nations moving from command to market economies?
More choices
Inflation
Less Economic security
Higher levels of unemployment
19
Getting the most at the lowest cost is...
Security
Stability
Growth
Efficiency
20
"Fairness" is associated with which social goal.
Freedom
Growth
Stability
Equity
21
People who worry about risk are most concerned with...
Equity
Freedom
Security
Stability
22
In a pure command economy who decides what job you will have?
Supply & Demand
The government
profit motive
Skill level
23
Price changes in a Market economy help to answer what economic question?
When to produce
For whom to produce
How to produce
What to produce
24
In the video we watched about Cuba what was the government doing to improve the shortages?
Raising prices
shifting to market structures with private licenses.
guarenteeing everyone a job
Paying high wages
25
Nations having well educated population will be strong in which factor of production?
Labor
physical Capital
Entrepreneurship
Land
26
When making a choice this is your next best alternative.
Opportunity cost
inflation
Trade-off
scarcity
27
Rising prices in economics.
deflation
demand
Supply
Inflation
28
Standard of living will most likely be highest in nations that have what main economic system?
Market
Traditional
Command
29
Which of the following is used in a market economy to answer economic questions?
Demand/consumers
Price
Supply/producers
all of the above
30
During crisis like times of war even democratic governments tend to focus on which social goal?
Security
efficiency
growth
Freedom
