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Economic Systems
Economic Systems
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SS7E5-7 #questionsofproduction #economicsystems #economicfactors
Flashcards
22 cards
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Questions
22
Answers
1
Producers and consumers make all the economic decisions in which economic system?
Market
Command
Mixed
Traditional
2
Exchanging goods and services so that both parties benefit is called
voluntary trade
entrepreneurship
specialization
gross domestic product
3
As a country's literacy rate and GDP rises, their standard of living usually
stays the same
increases
decreases
4
The total cost of goods and service produced in a year is called
ongoing production
gross domestic product
national debt
big business
5
A scale showing the value of a country's currency in comparison to another country is
an embargo
a quota
a tariff
an exchange rate
6
Investment in updating computer technology, machinery and equipment are investments in
capital goods
natural resources
human capital
entreprenuership
7
Which of the following is not a man-made trade barrier?
GDP
Quota
Tariff
Embargo
8
The rate at which one currency is worth in comparison to another's is
gross domestic product
the exchange rate
voluntary trade
specialization
9
Replanting trees that have been cut down is an investment in
human capital
capital goods
entreprenuership
natural resources
10
A formal halt to trade between nations is called
an embargo
a quota
a tariff
an exchange rate
11
A tax on goods coming into the country is called
a tariff
an embargo
an exchange rate
a quota
12
Which economic system is based on customs of the past?
Market
Traditional
Command
Mixed
13
A limit on foreign goods coming into the country is called
an embargo
a tariff
an exchange rate
a quota
14
What are the 3 basic economic systems?
Supply, Demand, Barter
Institutional, Free-Market, Demand
Traditional, Mixed, Monarchy
Traditional, Command, Market
15
Decreasing taxes for small business is an investment in
natural resources
capital goods
entreprenuership
human capital
16
A person who takes the risk to start their own business is called
a consumer
an entreprenuer
an advertiser
an imperialist
17
This economic systems includes free enterprise with some government control.
Command
Traditional
Mixed
Market
18
The 3 questions that must be answered by the economic system are
what to produce, how to produce and how much government gets
What to produce, how to produce and for whom to produce.
how to produce, how much to produce and when to produce.
What to produce, when to produce and how to produce.
19
Which system is a combination of the 3 primary economic systems and is the most-used today?
Command
Market
Mixed
Traditional
20
Health insurance, employee day care, and training are investments in
natural resources
capital goods
entreprenuership
human capital
21
Producing goods and services efficiently at the lowest cost is called
voluntary trade
specialization
entrepreneurship
gross domestic product
22
The government controls all aspects of the economy in which system?
Traditional
Market
Mixed
Command
