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Economic Systems and our Economic Growth Flashcards | StudBud
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Economic Systems and our Economic Growth
Economic Systems and our Economic Growth
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Answers
1
A direct correlation between countries and their economic growth is
Income
Happiness
Geographic location
Knowledge
2
A monopoly market is
One company who only sells to one consumer
One company who has complete control
Perfect competition between consumers and producers
One company who is the main purchaser
3
Rule of law states that individuals, organizations, and government must follow the rule of the land.
False
True
4
Private property means
Property lines remain private amongst business owners
There are unclear property lines
The government has the right to your property lines
Owner has right to do with property as they see fit
5
Which statement is true about the circular flow model?
Households are demanders in factor market and suppliers in product market
Households are demanders in product market and suppliers in factor market
Businesses and households are not components of either market
Businesses are demanders in product market and suppliers in factor market
6
All of the following were results of economic growth except
Improved literacy
Increased life expectancy
Lower infant mortality
Increase in child labor
7
In which economic system would a person expect the widest selection of consumer goods?
Command
Traditional
Market
Mixed
8
All of the following are examples of a traditional economic system except
Large scale manufacturing
Bartering
Subsistence agriculture
Hunting and gathering
9
In a market economy, who controls the production?
Those with the most capital
Government
Consumers
A mix of government and businesses
10
Which economic system is the most prevalent in today's countries?
Mixed
Market
Command
Traditional
11
If C & D are both types of markets, what do A & B represent?
Businesses & Households
Government & Businesses
Government & Households
Goods & Services
12
The factor market is also known as
Goods
Factors of production
Consumer
Resource
13
In the diagram, consumer purchases are represented by
4
5
8
1
14
Which arrows represent the transaction between Joe who rents to Homework Inc., a company that provides tutoring.
5,6
2,3
1,2
4.7
15
Public sector is for the public, whereas the private sector is only for private businesses.
True
False
