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Economic Systems
Economic Systems
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StudBud Administration
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Economic systems quiz.
Flashcards
27 cards
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Questions
27
Answers
1
The most common business structure in the USA is
Partnership
Franchise
Corporation
Sole Proprietorship
2
What is a benefit of competition?
New products
Improved quality
Increased supply
Lower prices
3
Belief that economic decision making benefits all of society and not just a few people
Command Economy
free Market
Mixed Economy
4
Which is not one of the three economic types?
Command
Market
Domestic
Traditional
5
A business is owned by 12 people, but they do not sell stock. It is most likely a
Partnership
Franchise
Sole Proprietorship
Corporation
6
Producers flooding the market with pumpkin spice because of buyer trends is an example of
Consuming Consumer
Consumer Income
Consumer Spending
Consumer Sovereignty
7
Which of these has strict government control of an economy and society?
Communism
Free Enterprise
Socialism
8
Economic system in which the government makes all decisions.
Market
Traditional
Command
Mixed
9
What are nearly all governments in the world today?
Mixed
Traditional
Command
Market
10
What do we call the risk-takers who start businesses in a free enterprise system?
John Marston
Government
Entreprenuers
Consumers
11
What is a charter?
A special coin that grants access to the magic caverns
A certificate of partial ownership in a corporation
Someone who puts data on graphs
Government document granting permission to sell stock
12
What is a disadvantage of markets?
None. They're perfect you pinko commie
High degree of uncertainty
Limited economic freedom
Invading crab people
13
Economic System in which habit and custom determine the rules for all economic activity.
Market
Traditional
Command
14
System inwhich the government supports free enterprise through decisionsthat affect the market.
Traditional
Command
Market
Mixed
15
Which of these is not true about both partnerships and corporations?
There are multiple owners
They are recognized as separate legal entities
They require special paperwork to establish
It is easier to raise capital than sole proprietorships
16
Which of these countries is CLOSEST to a command economy?
North Korea
United Kingdom
South Korea
Inuit
17
An example of a pure market economy is
Mexico
United States
Saudi Arabia
Does not exist
18
In a free enterprise system, who sets regulations to protect consumers?
Producers
A government
Suppliers
Crab People
19
What do people choose under the Market system?
Decide how much a company will charge for its products.
choose products they will or will not buy as shoppers
color of the product
20
What is the goal of Socialism?
financial return
balanced economy
equitable distribution of resources
21
A _______ rents a name from a parent company, the _______.
franchisor; franchisee
franchisee; franchisee
franchisee; franchisor
franchisor; franchiser
22
Which is not one of the three decisions economic systems must make?
How goods should be produced?
How much goods should cost?
What and how many goods can be produced?
Who gets the goods and services?
23
What determines the difference between communism and socialism?
amount of government involvement
types of factores
goods produced.
Money
24
Economic System in which individuals and private groups make decisions about what to produce.
Command
Traditional
Market
25
What do we call the American mixed market system?
Free Enterprise
Pure Capitalism
Mixed Command
Communism
26
What is used to ensure decisions are executed under command or communist economy?
Sellers
Purchasers
The people
Political Party
27
What is the governments role under a mixed economy?
supports and regulatesfree enterprise through decisions.
Support Market Price
Decide Quantity of goods produced
