ECON SYSTEMS Duplicate of Chapter 2 Review

Which of the following is not a major economic and social goal of the United States?

An organized way for a country to provide for the wants/needs of their people is:

What is another term for a modified private enterprise economy?

The struggle or rivaly between sellers to attract buyers is referred to as:

Which of the following is not one of capitalistic economy's 3 economic roles?

The idea that people rule the market is called:

Why are entrepreneurs important in a free enterprise economy?

All of the following are weaknesses of a command economy except?

All of the following are charactersitcs of capitalism except:

Which charac of capitalism refers to the act of buyers/sellers freely engaging in transactions?

Who plays the role of protector, consumer, regulator, and promoter of economic goals in the US?

Which type of system discourages new ideas and has a lower standard of living?

Which economic system has a high degree of individ freedom and consumer satisfaction?

A rise in the general level of prices is called:

Which economic role is seen as the most important in a free enterprise system?

Which of the following is not a strength of a market economy?

The United States can best be described as having a:

Name the 4 basic economic sytems.

Which of the following is an example of economic growth?

Which characteristic of capitalism refers to the desire to make money for your efforts?

Which economic system answers the 3 questions stemming from habit, custom, or ritual?

In which economic system does a central authority answer the 3 basic economic questions?

A market economy:

Which of the following is not a characteristic of a Free Enterprise (Capitalistic) System?

The purpose of the government in a command economy is to: