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Economic Systems
Economic Systems
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StudBud Administration
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Review for soc 30-1 economic systems unit.
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Which of the following operates outside of supply and demand to determine prices
a buyers strike on the part of consumers
a drought in a major agricultural region
an increase in wages won by unions
a monopolistic franchise granted to a utility firm
2
A supporter of supply side economics would argue that the data in the graph supports
increased equality leads to increased productivity
increased govt regulation reduces income inequality
increased inequality results in improved productivity
decrease in privatization leads to increased productivity
3
Together the economic policies of Thatcher, Reagan, and Mulroney reflected a commitment to
interventionism
centralization
deregulation
universality
4
The ideological perspective of the cartoonist is
communist
socialist
conservative
modern liberal
5
If a state had high unemployment a supply side economist would?
Increase taxes to off set unemployment
leave it alone and let the market correct itself
increase interest rates to off set inflation
increase social assistance to off set unemployment
6
From a right wing perspective centrally planned economies have the greatest difficulty
adjusting to the principles of economic cooperation
providing incentives for innovation
stabilizing fluctuations in the business cycle
reducing inequalities in income
7
Laissez-faire capitalist opposes unions because they believe that unions
fail to act in the long term interest of their members
increase the cost of production
restrict consumer confidence and spending
encourage gov't to spend lavishly on public works
8
The ideological perspective of the source is
communist
conservative
modern liberal
democratic socialist
9
To counter recessionary trends a country employing monetarist policies would most likely
reduce the interest rate charged by the central bank
increase spending on infrastructure
use fiscal policy to stimulate employment
sizable layoffs to the civil service
10
Father of communism
Smith
Marx
Owen
Mill
11
The father of capitalism
Smith
Marx
Locke
Mill
12
Supporters of public enterprise, see competition as
negative - disrupts the operation of supply and demand
negative - leads to inefficient use of resources
positive - leads to a more equal distribution of wealth
positive - distributes more wealth to consumers vs producers
13
The most significant impact of the New Deal was
Deregulation of the stock market
new competition to the private sector by the gov't sector
regulations that limited the actions of banks
changed perception of the role of gov't in the economy
14
Demand side economists recommend that during times of inflation gov'ts should
increase spending and decrease taxes
reduce spending and increase taxes
nationalize industries with high debt loads
leave the markets to correct themselves
15
Which of the following statements reflects an ideological inconsistency
a communist state nationalizes its oil industry
a country with a mixed economy uses infrastructure spending
a social democratic nation stops doctors from charging fees
a country with a market economy introduces price controls
