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Pheconomics Ch2 Flashcards | StudBud
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Pheconomics Ch2
Pheconomics Ch2
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1
Which of the following was a free market philosopher?
Friedrich Engels
Vladimir Lenin
Adam Smith
Karl Marx
2
What does
authoritarian
mean?
requiring acknowledgment of authorship
requiring strict obedience to an authority or dictator
ruling by aristocracy
ruling authority is granted to individuals by the government
3
Socialists believe economic equality is only possible if _____.
the public controls the economy
no one has to pay taxes
everyone makes the same amount of money
medical care is free
4
______ means that that goods and services will be available and payments will be made on time.
economic growth and innovation
economic equity
economic efficiency
economic security and predictability
5
What is a continuum?
a schedule
a historical timeline
a range with no clear divisions
a process to track progress of production
6
The purchase and supply of goods and services takes place in the _____.
traditional market
after market
factor market
product market
7
What is laissez faire?
government should control the marketplace
philosophy characterized by its fair distribution of wealth
government generally should not intervene in the marketplace
When an economy moves away from a centrally planned economy
8
The circular flow model of a MIXED economy shows _____.
how taxes and profits are related
how government interacts with households and firms
only how firms and households interact
the product and factor markets
9
what would a reward or bonus, that encourages people to behave in a certain way be called?
an incentive
laissez faire
self-interest
competition
10
Which is
not
one of the key economic questions that every society must answer?
Who gets to consume which goods and services?
Where should goods and services be produced?
How should goods and services be produced?
What goods and services should be produced?
11
A "household" a person or a group of people. In economics, households are also _____.
involved in specialization
considered to be firms that produce products
called “the invisible hand”
consumers of goods and services
12
How did collectives in the USSR avoid the competition that drives a free market economy?
The government determined prices, wages, and products
The farmers were not able to sell their own products
It was illegal to buy products from a competitor
Heavy industry was not a direct competitor
13
Which of the following does a government provide as part of a safety net for the people?
a strong military defense
regulation of commerce
general elections every four years
unemployment compensation
14
A centrally planned economy is _____.
government regulates the production of goods and services
always the most efficient economic system
an economic system that has no government involvement
free enterprise with minimal government involvement
15
Which of the following goals is difficult to achieve in a pure free market system?
economic growth
economic efficiency
economic freedom
economic equity
16
Which countries’ economic systems would be the most “free market” of these mixed economies?
Hong Kong
United Kingdom
South Africa
North Korea
17
a philosophy that says democratic means should be used to
evenly
distribute wealth
socialism
authoritarianism
dictatorship
sovereignty
18
Which of the following countries is the most extreme example of a centrally-planned economy?
Hong Kong
China
Great Britain
North Korea
19
not
an economic goal that influences how societies answer the three key economic questions
patriotism
freedom
security and predictability
efficiency
20
Industry with large capital investment and that produces items used in other industries.
light industry
the shipping industry
the auto industry
heavy industry
