In economic terms, property means

everything an individual owns and the labor he/she provides

A circular flow model shows

all interactions occurin a market economy

With capitalism, investment is driven by

private parties seeking profits

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Duplicate of Chapter 2: Economic Systems

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Chapter 2: Economic Systems

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Questions 20

Answers

1
Political parties differ from each other. This is stated in their
rule book
platform
agenda
handbook
2
This identifies the candidates running for office
voter gossip
the platform
Judge Judy's show
the media
3
"Conservative" means
being a Democrat
being a Republican
being a non-voter
being a third party person
4
The nation where government controls the economy
North Korea
Cuba
U.S.A
Sweden
5
With voluntary exchange, a buyer and seller agree to do business together
for the mutual benefit of both
only for the benefit of the buyer
for the benefit of neither
only for the benefit of the seller
6
One of these is NOT a factor of Production. Pick the one that is not.
entrepreneur
Nature
Human
money
7
The high costs of running for office gives an advantage to these candidates
wealthy income
average income
No income
minimum wage income
8
In economic terms, property means
some things an individual owns and the labor he/she provides
everything an individual owns and the labor he/she provides
everything an individual owns EXCEPT labor he/she provides
some things an individual owns EXCEPT labor he/she provides
9
"When in the Course of Human Events, it becomes necessary to separate ..."
Declaration of Rights
U.S. Constitution
Articles of Confederation
Declaration of Independence
10
The government owns all factors of production in what system?
Market
Traditional
Command
Mixed
11
The number one goal of a political party is to
win
write bills about issues
irritate the other parties
lose
12
A circular flow model shows
some interactions occur in a market economy
all interactions occur in a traditional economy
all interactions occurin a market economy
some interactions occur in a traditional economy
13
With capitalism, investment is driven by
private parties seeking profits
government controlled cooperatives
government seeking profits
private parties following government policies
14
Public sector jobs exist here
Households
Businesses
Government
Individuals
15
The number one job of any political party is to
file petitions
collect money
recruit and nominate
write bills
16
Global financial transactions have been made quick, inexpensive, and easy by
Radio
Telegraph
Internet
Shipping
17
In a market economy, the real power in the market place is held by the
consumer
government
seller
producer
18
Political Parties try to win a majority vote by
appealing to all voters
appealing to liberal voters
appealing to the moderate vote
appealing to a few voters
19
Who officially chooses the president and Vice President ?
Electoral College
Election College
Electoral Collage
Electoral Cabbage
20
What is Stewie's middle name ?
Roger
Chuckles
Slinky
Gilligan

Duplicate of Chapter 2: Economic Systems Flashcards | StudBud