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Economic Systems Flashcards | StudBud

Explore/Economic Systems

Economic Systems

12 terms·StudBud Administration·381 plays

A reading comprehension quiz about #economics #systems #market #barter #command #capitalism #laissez-faire #socialism

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Questions 12

Answers

1
Marx and Engels argued that
government regulation stifles economic growth.
communism is inevitable
a free market is necessary for a healthy economy.
capitalism is not stable.
2
Modern Socialism is an economic system based on
a barter economy.
a command economy.
government ownership of all aspects of the economy.
a free market economy.
3
In a command economy,
innovation is encouraged by the market.
entrepreneurship is encouraged.
supply and demand control the economy.
government controls the economy.
4
Laissez-faire ideals assert that
government should stay out of economic affairs.
government should regulate all economic activity.
5
In a command economy who owns most of the means of production?
individuals (entrepreneurs)
businesses
consumers
government
6
All of the following are examples of government regulation of the economy except
anti-trust laws.
laws to protect workers rights.
the consumer price index.
minimum wage requirements.
7
Choose the incorrect answer.
incorrect
correct
correct
incorrect
8
Communism and Socialism are both forms of
market economies.
command economies.
barter economies.
capitalist economies.
9
In a market economy, who decides what is produced?
government
consumers and businesses
the wealthiest people
the leader of the country
10
Bartering is
an exchange of goods that does not involve money.
not an economic system.
an example of a free market economy.
an example of a command economy.
11
Wall Street is a good example of
a pure economy.
bartering.
a command economy.
a mixed economy.
12
Most nations use
a pure economic system.
no economic system
a mixed economic system.