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Chapter 2 Econ Flashcards | StudBud
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Chapter 2 Econ
Chapter 2 Econ
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1
Which of the following is a feature of a command economy that distinguishes it from a socialist economy?
All economic decisions are based on custom and habit.
All production is manged by the government.
Some degree of private ownership and activity is allowed.
All economic decisions are made by the free market.
2
An economic and political system in which the factors of production are collectively owned and directed by the state
Communism
Socialism
Capitalism
Nihilism
3
Which of these statements describes a
DISADVANTAGE
of a traditional economy?
new ways of doing things are discouraged
new ways of doing things are encouraged
difficult economic decisions are made by the state
everyone knows his or her role
4
Which of these economic systems have the
least
in common.
command economy and capitalism
market economy and capitalism
free-enterprise economy and market economy
command economy and socialism
5
Which of these helps explain why mixed economies develop?
People become unhappy with aspects of their current economy.
Government control of an economy leads to diversity of economic approaches
Government control of an economy tends to make a nation more prosperous
People are seldom exposed to the ideas and technologies of other cultures
6
Which of these is the most striking example of the costs and risks of pure capitalism?
the Gosplan
the Five-Year Plan
the Great Depression
the Great Leap Forward
7
Which of the following is a cause of struggle in the process of privatization
all of the above
People must adjust to the costs & risks of capitalism
it is not a sucessful system
it takes rights away from the people
8
an economic system in which private citizens own and use the factors of production in order to generate profits
Communism
Socialism
Capitalism
9
Economic system in which supply, demand and the price system help people make decisions and allocate resources.
Traditional Economy
Economic Economy
Command Economy
Market Economy
10
economic system in which the allocation of resources is the result of ritual, habit or custom
economic system
socialism
traditional economy
command economy
11
Certificate used to purchase government-owned property during privatization.
collectivization
EU
voucher
privitization
12
Which of these countries has an economy most similar to that of the former Soviet Union?
North Korea
Sweden
South Korea
Norway
13
Number of people per square mile of land
voucher
collectivization
population density
mixed economy
14
In a transitioning economy, why would privatization tend to raise a nation’s overall standard of living?
People are more likely to be productive when it benefits them personally
It puts a nation’s rulers in a position to run the economy efficiently.
People are less likely to assume the risks of entrepreneurship.
It places the means of production in the hands of the government.
15
System that has some combination of traditional, command, and market economies
mixed economy
socialist economy
combination economy
communist economy
16
meeting place where buyers and sellers interact
capitalism
economics
socialism
the market
17
Which of these statements is descriptive of a market economy?
Major economic decisions made for individuals, not by them
The government determines what is produced and by whom.
Major economic decisions made by individuals, not for them.
Most media is state-owned and operated.
18
economic system characterized by a central authority that makes the major economic decisions
economic system
traditional economy
socialism
command economy
19
economic and political system in which factors of production are owned and directed by the state
communism
socialism
traditional
20
Mechanism through which buyers and sellers of an economic product or service come together
command
Market
traditional
socialism
21
Forced common ownership of factors of production
communism
collectivization
European Union (EU)
socialism
22
Economic system that has some combination of traditional, command, and market economies
Capitalism
Command Economy
Great Depression
Mixed Economies
23
Requiring large amounts of investment in equipment in relation to labor
collectivization
capital-intensive
mixed economy
market
24
economic system in which govt owns some factors of production & has a role in determining what & how goods are produced
command economy
socialism
market economy
mixed economies
25
Worst period of economic decline in U.S. history...
None of these.
Great Depression
Covid Recession
Great Recession
26
In which systems is the government most likely to provide people with goods and services they can't otherwise afford?
market economy
free-enterprise economy
socialist economy
traditional economy
27
System in which the government owns and controls some factors of production
Free Market
Collectivization
Communism
Socialism
28
Worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939
European Union (EU)
population density
voucher
Great Depression
29
Successor of the European Coal and Steel community
United Europe
NATO
United Kingdom
European Union
