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Economic Systems & Decision Making Flashcards | StudBud
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Economic Systems & Decision Making
Economic Systems & Decision Making
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Questions
15
Answers
1
Who makes the decisions in Market Economy?
Individuals
Government
Traditions
Central Authority
2
What is the traditional economy based on?
rituals, customs, habits
both B and C
a central authority
the individual
3
Which goal is intended to let every person make their own economic decisions?
Full Employment
Economic Efficiency
Economic Freedom
Economic Growth
4
What is one disadvantage of a traditional economy?
tends to discourage new ideas and new ways of doing things
no freedom
it's not fair
the government is uncertain
5
Which goal is a reason for a social welfare program?
Economic Security
Economic Equity
Future Goals
Price Stability
6
Who makes all major economic decisions in Command Economy?
People
Businesses
Central Authority
Both B and D
7
What is a disadvantage of Command Economy?
No freedom
All of the Above
Bureaucracy lacks flexibility to deal with minor problems
Requires a large decision making bureaucracy
8
Which goal seeks to keep the nation's standard of living constant by avoiding inflation?
Economy
Price Stability
Economic Security
Full Employment
9
Which goal is concerned with the use of resources so citizens will be better off economically?
Economic Secuirty
Economic Growth
Economic Efficiency
Price Stability
10
What is an advantage of Market Economy?
Adjusts gradually to change over time
Individual freedom
All of the Above
Small government interference
11
Economic Equity is the fairness of business and governmental policies in all citizens.
True
False
12
Which goal became a law?
Economics
Full Employment
Economic Freedom
Economic Growth
13
What is a disadvantage of Market Economy?
Hot dogs
High degree of uncertainty
Consumer satisfaction is low
High certaining
14
What is an advantage of Command Economy?
Health & public services are available at little or no cost
Government will provide basic needs
No freedom
Both A and C
15
An advantage of a traditional economy is everyone knows what role to play in the society.
false
true
