Economics 5 and 6

Question 1

Economic system where the government is the central owner and decision maker, Marx.

Accepted Answer

Centralized Socialism

Question 2

Economic system, results in outdated products, mediocre workmanship/merchandise, and shortages.

Accepted Answer

Centralized Socialism

Question 3

Type of goods that individuals purchase for personal use: phones, coffee, Buffalo Wild Wings?

Accepted Answer

Consumer Goods

Question 4

General decline in prices; supply of money/spending has been reduced; increased unemployment.

Accepted Answer

Deflation

Question 5

Why should government want all people to work who can work?

Accepted Answer

All of the above

Question 6

Economic system where the central authority or committee answers the three economic questions?

Accepted Answer

Socialism

Question 7

What two questions are asked when deciding what kind of modern economic system is in place?

Accepted Answer

Who owns factors of production, who answers 3 economic ?'s

Question 8

Equal distribution of the nation's income regardless of the person's contribution?

Accepted Answer

Economic Leveling

Question 9

Economy that encourages libertarian fairness?

Accepted Answer

Market

Question 10

Which type of approach uses a great deal of human labor relative to real capital?

Accepted Answer

Labor Intensive

Question 11

When a country exports more than it imports; sells more than it buys?

Accepted Answer

Favorable Trade Balance

Question 12

United States is an example of this type of modern economic system.

Accepted Answer

State Capitalism

Question 13

Type of socialism, transitional where the gov. takes control of all vital industries?

Accepted Answer

Social Democracy

Question 14

Consumer goods/Capital goods is a trade off between what?

Accepted Answer

Saving vs. Spending

Question 15

Which of the following is not a characteristic of a welfare state?

Accepted Answer

Government has a laissefair attitude

Question 16

Production of more goods/services by using existing factors of production more efficiently?

Accepted Answer

Intensive Growth

Question 17

Early economic system that promoted that acquisition of precious metals as the ultimate goal.

Accepted Answer

Mercantilism

Question 18

Two problems with Radical Capitalism?

Accepted Answer

Unscriptural and Impractical

Question 19

Which type of economy allows private individuals to decide what type of goods will be produced?

Accepted Answer

Market

Question 20

Output question: What will the nation produce?

Accepted Answer

Consumer Goods and Capital Goods

Question 21

Limited government and personal responsibility are two keys to what economic concept?

Accepted Answer

Laissez faire

Question 22

Which of the following is not one of the three major duties of government according to Smith?

Accepted Answer

Provide minimum safety nets for its citizens

Question 23

What are the two types of economies?

Accepted Answer

Command and Market

Question 24

Which economic system eliminates profits, levels wages, and controls prices?

Accepted Answer

Centralized Socialism

Question 25

Man who destroyed the myth that "money is wealth."

Accepted Answer

Adam Smith

Question 26

Economic goal -who will define it, how they will define it, & where does it fit in the economy?

Accepted Answer

Fair Distribution of Income

Question 27

Each person has a right to a nation's wealth solely because he is part of that human race?

Accepted Answer

Egalitarian Fairness

Question 28

Libertarian view of economic fairness, "survival of the fittest" in getting wealth

Accepted Answer

Economic Darwinism

Question 29

Which type of approach uses more automated equipment than human labor?

Accepted Answer

Capital Intensive

Question 30

Economy, ruled by egalitarian fairness & economic leveling very high taxes, decides who gets?

Accepted Answer

Command

Question 31

What major objective of a nation where prices remain constant?

Accepted Answer

Stable Price Level

Question 32

What is socialism in its extreme form?

Accepted Answer

Communism

Question 33

Economic system where private individuals answer the three economic questions?

Accepted Answer

Capitalism

Question 34

System that accepts the existence of gov., but allows the gov. only minimal ownership and power

Accepted Answer

Classic Liberal Capitalism

Question 35

Which type of economy has the government decide what specific items are produced?

Accepted Answer

Command

Question 36

What is an increase in the quantity of goods and services a nation can produced called?

Accepted Answer

Economic Growth

Question 37

Economic theory only: citizens would own all factors of production,answer all questions,no gov.

Accepted Answer

Radical Capitalism

Question 38

Economic system, central authority owns factors of production and makes all economic decisions?

Accepted Answer

Socialism

Question 39

System in which individuals own most factors of productions, but the gov. freely intervenes.

Accepted Answer

State Capitalism

Question 40

All of the following are reasons why someone would use a labor intensive approach except?

Accepted Answer

Lower payroll

Question 41

Which type of economy uses the labor intensive approach?

Accepted Answer

Command

Question 42

Who wrote Inquiry into the Nature and Causes of the Wealth of Nations and Wealth of Nations?

Accepted Answer

Adam Smith

Question 43

All of the following are reasons why someone would use a capital intensive approach except

Accepted Answer

Reduces unemployment

Question 44

Which of the following is not a result of a unstable price level?

Accepted Answer

Employment goes up

Question 45

Results of this system: poverty, shortages, religious/political oppression, and wealthy leaders

Accepted Answer

Communism

Question 46

Term that says a person's ability to accumulate wealth is solely his personal responsibility?

Accepted Answer

Libertarian Fairness

Question 47

Which of the following is not a response that a Christian should have toward the poor?

Accepted Answer

Give equal economic benefits to all men

Question 48

Most extreme form of capitalism, theory only, no government so market would be free to operate?

Accepted Answer

Radical Capitalism

Question 49

Type of goods that business firms use to produce other consumer goods: ovens to bake pizza.

Accepted Answer

Capital Goods

Question 50

Which of the following is not Biblical principle for helping the poor?

Accepted Answer

Equal economic benefits for all is okay

Question 51

Rate where prices for goods/services is rising and the purchasing power of currency is falling.

Accepted Answer

Inflation

Question 52

Economic system, where a central authority or committee owns the nation's factors of production

Accepted Answer

Socialism

Question 53

Production of more goods/services because business firms are using more land, labor & capital?

Accepted Answer

Extensive Growth

Question 54

Goods & services that benefit all or nearly all of a nation's people: highways, national parks?

Accepted Answer

Public Goods

Question 55

Economic system where private individuals own most of the nation's factors of production?

Accepted Answer

Capitalism

Question 56

The only right of a citizen is to own and use property free of government's interference?

Accepted Answer

Libertarian Fairness

Question 57

Economic system destroys incentive to develop new products, more products, sets prices too low.

Accepted Answer

Centralized Socialism

Question 58

Man who argued that the economic prosperity of people made a country wealthy, not silver/gold.

Accepted Answer

Adam Smith

Question 59

Which terms means the government assumes ownership of companies on a large scale?

Accepted Answer

Nationalization

Question 60

The act of selling the national companies back to private stockholders?

Accepted Answer

Privatization

Question 61

What is it called when Sweden takes care of their people from cradle to grave?

Accepted Answer

Welfare State

Question 62

Economic system, individuals own most of the factors of production,make most economic decisions

Accepted Answer

Capitalism

Question 63

Fundamental flaw of Communism is the assumption that man is what?

Accepted Answer

Good

Question 64

Which of the following is not a verse that deals with God and work?

Accepted Answer

Matt. 26:11 - The poor you will always have with you.

Economics 5 and 6

Questions 70

Economics 5 and 6

Questions 70