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Economic systems
Economic systems
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Basic economic systems questions
Flashcards
13 cards
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Questions
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Answers
1
Laissez-faire is a concept connected to
Command/Communist
Mixed/Socialist
Traditional
Market/Capitalist
2
Karl Marx wrote the Communist Manifesto for this system's ideas
Command
Socialism
Capitalism
Traditional
3
Because the government provides many services this type of system has high taxes
Mixed/Socialist
Traditional
Command/Communist
Market/Capitalist
4
Historically the U.S. has been this type of system even though today we are a mixed economy.
Market
Command
Traditonal
Communist
5
Rural areas that rely mostly on agricultural products are usually
Mixed/Socialist
Market/Capitalist
Command/Communist
Traditional
6
There is no incentive to create or work hard because the government makes all decisions
Command/Communist
Market/Capitalist
Traditional
Mixed/Socialist
7
The idea of bartering or trading goods goes best with
Mixed/Socialist
market/Capitalist
Traditional
Command/Communist
8
Adam Smith was a very enlightened man who wrote about this system.
Mixed
Market
Traditonal
Command
9
A synonym for Command is
Communist
Commanderist
Socialist
Capitalist
10
A synonym for mixed is
Communist
Socialist
Mixologist
Sociologist
11
Google and Microsoft are known as private sector businesses they are associated with
Market/Capitalist
Mixed/Socialist
Command/Communist
Traditional
12
This system has a few rich people and many poor, basic needs are not guaranteed
Traditional
Market/Capitalist
Mixed/Socialist
Command/Communist
13
Cuba, North Korea and China are all historic examples of
Traditional
Market/Capitalist
Command/Communist
Mixed/Socialist