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Chapter 2 Flashcards | StudBud
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Chapter 2
Chapter 2
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StudBud Administration
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An Economics quiz to summarize chapter 2.
Flashcards
15 cards
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Questions
15
Answers
1
What is the term for voluntary exchange of goods and services between buyers and sellers?
Economic system
Capitalism
Competition
Market
2
Which of the following economic systems are based on customs and beliefs?
Market Economy
Traditional Economy
Mixed Economy
Command Economy
3
The Amish is an example of which type of economic system?
Mixed
Command
Traditional
Market
4
What is pictured in the circular flow of economic activity model?
Income flowing continuously between businesses and consumers
Exports going to different countries overseas
None of the above
Income flowing in and out of market systems
5
Which of the following are not one of the 3 basic questions of economic systems?
How should it be produced?
Why should it be produced?
What should be produced?
Who should it be produced for?
6
Capitalism is the same as a Market Economy.
True
False
7
What is the material well-being of an individual, group, or nation?
Standard of living
Trade-offs
Economic Stability
Economic Growth
8
Competition is the rivalry among producers of similar products to win less business.
True
False
9
What is the money left after all the costs of productions have been paid called?
Proceeds
Profit incentive
Income
Profit
10
Using your resources wisely is an example of which goal of free enterprise?
None of the above
Economic Freedom
Economic Equity
Economic Efficiency
11
Which of the following terms mean the desire to make money?
Profit Margin
Profit Incentive
Profit
Laissez-faire
12
Which of the following is not a goal of free enterprise?
Economic Equity
Economic Choices
Economic Freedom
Economic Efficiency
13
Which of the following BEST explains the U.S. Economic System?
Command
Traditional
Mixed
Market
14
What characteristic of the American economy has a "hands off" approach when it comes to gov.?
Profit
Laissez-faire
Competition
Private property
15
Which of the following is an example of a command economy?
Moldova
The United States
North Korea
The United Kingdom
