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Unit 1 Thinking like an Economist Flashcards | StudBud
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Unit 1 Thinking like an Economist
Unit 1 Thinking like an Economist
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Economic Systems
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1
How was Marx's view of communism different than what exists today?
currently, people live in a classless, agricultural society
in the vision, property would collectively belong to the people
Currently, people share power with the government
in the vision, no economic system would be needed
2
Efficiency along the PPC implies ___________.
goods are produced quickly.
the state of technology is maximized.
to get more of a good, something else must be given up.
goods are equally distributed.
3
What was GOSPLAN?
A limited portion or allowance of food or goods
Middle-class peasants
An honour awarded to mothers of large families
State planning group that set targets for all industries
4
How do the goals of socialism and capitalism differ?
socialism stresses individual rights
capitalism stresses private ownership of businesses
socialism stresses choice
capitalism stresses government regulation
5
What is a keiretsu?
None of the above.
Large families of interrelated companies.
One large family monopoly.
Individuals working together.
6
Which is one predicted result of a
laissez-faire
system?
unlimited supply of consumer products
better workplace conditions for workers
more government involvement in business
government has little involvement in business
7
The law of increasing opportunity costs exists because ______________.
resources are scarce.
resources can be easily moved from one industry to another.
people never have to make decisions.
resources are not scarce.
8
Albion has no government regulation of industries and uncontrolled access to resources.
It is a free enterprise economy.
It is a socialist economy.
It is a command economy.
It is a mixed economy.
9
Three basic types of economic systems are:
what to produce, how to produce, who will receive the goods and services
traditional economy, command economy, market economy
free market, natural resources, labor
individual rights, state rights, mixed rights
10
Which of these is a characteristic of a command economy?
natural resource extraction is controlled by the states
the proletariat produces goods that improve the economy
consumers can buy whatever goods they want
unions ensure fair treatment of workers
11
Why was the European Union created?
So the countries will get more power
So the leaders could meet and talk
So the countries would wreak damage on each other
So the countries wouldn't wreak damage on each other
12
What is the main goal of a mixed economy?
to promote individual and social rights
to gain private property
to ensure fairness in business
to get rid of high taxation
13
At which point on the PPC would represent an efficient use of resources?
Point A
Points A, B., C
Point B
Point X
14
Which term indicates ownership by an individual or business?
state-controlled
collective property
private property
collective control
15
Utopia's government owns all of the industries, but people are still able to have private property.
It is a laissez-faire economy.
It is a command economy.
It is a free market economy.
It is a socialist economy.
16
The Great Leap Forward was successful
True
False
17
If the company can make more money selling product B, what which point should they produce?
Point C
Point A
Point B
Point X
18
At which point on the PPC would represent underutilization use of resources?
Point X
Point A
Point B
Point Y
19
What is the term for ownership of the means of production by all members of a group?
collective ownership
private property
20
At which point on the PPC is not currently possible to produce?
Point B
Point X
Point Y
Point A
21
Neverland has a centrally planned economy where everyone collectively owns the property and resources.
It is a free market economy.
It is a mixed economy.
It is a traditional economy.
It is a command economy.
22
In a true free market economy, what would occur?
successful producers would be given tax breaks
access to natural resources would be uncontrolled
safety regulation would offer consumer protections
workers would obtain fair wages by law
23
What are the four factors of production?
labor, land, taxes, entrepreneurship
labor, land, capital, entrepreneurship
free enterprise, command economy, socialist economy, mixed economy
producers, consumers, distributors, entrepreneurs
24
What was the Great Leap Forward?
Attempt to increase industrial output of China
First Ever Daylight Savings
Attempt to bring agricultural production under gov. control
Genetic Drift
25
Which is a socialist aspect of the American mixed economy?
American-made goods can be sold in all 50 states
consumers can decide to buy wind energy from power company
private health insurance marketplace
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