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Economic Systems
Economic Systems
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Economic Systems Quiz.
Flashcards
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Questions
15
Answers
1
What is a benefit of a mixed economic system?
Basic social services
Guaranteed basic standard of living
Restrictions on personal freedom
Total freedom to make economic decisions
2
Which type of economy relies on habits, customs or rituals?
Transitional Economy
Traditional Economy
Command Economy
Market Economy
3
What is the correct definition of a Market?
A place where you buy things.
A building
An arrangement that lets buyers and sellers exchange items.
A way to exchange goods for items that people want.
4
Which type of economy is controlled by the government?
Market Economy
Centrally Planned Economy
Command Economy
Traditional Economy
5
What is the greatest disadvantage of a centrally planned economy?
High taxation
Performance falls short of ideals on how the system is built
Uneven distribution of resources
Little individual incentive
6
What is self-interest in terms of the free market?
The motivating force in the free market
The regulating force in a free market
Both
7
What do businesses provide for the outside parties?
Goods
Money
Goods and Services
Services
8
What questions must a society ask in order to make economic decisions?
All of the Above
For whom will goods and services be produced?
What goods and services will be produced?
How will goods and services be produced?
9
What are some advantages of the free market?
Economic efficiency
Economic freedom
Government regulation
Economic growth
10
What is competition in terms of the free market?
Both
The regulating force in a free market
The motivating force in the free market
11
What is a benefit of a free enterprise economic system?
Restrictions on personal freedom
Better quality at lower prices
Guaranteed social services
Consumer Protection
12
The two primary players in the circular flow model are what?
People and Stores
Businesses and People
Households and Schools
Households and Businesses
13
What is the textbook's definition of a free market?
A system where prices are determined by competition of firms
A market where everything is free
A system where prices of goods are determined by consumers
14
Which economy has it's decisions made by individuals based on exchange, or trade?
Centrally Planned Economy
Traditional Economy
Command Economy
Market Economy
15
What is the driving force behind the circular flow of the market economy?
Profits
Reputation
Money
Fame
