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