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Duplicate of Economic Systems Flashcards | StudBud
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Duplicate of Economic Systems
Duplicate of Economic Systems
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StudBud Administration
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Economic Systems Quiz #economics
Flashcards
16 cards
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Questions
16
Answers
1
How are public good paid for by the government?
taxes
Walmart
welfare
federal reserve
2
Privately owned factors of production
Traditional
Market
Command
Mixed
3
A major disadvantage in a command economy
high efficiency
low unemployment
no consumer choice
over production or underproduction of goods
4
Income received for which you only qualified for.
public goods
market failures
transfer of payments
deregulation
5
Which of the following is not a public good?
Library
Shopping Malls
US Army
Schools
6
Considered synonymous with either a communist or socialist economy.
Command
Traditional
Market
Mixed
7
Examples of this system are United States and China.
Market
Traditional
Command
Mixed
8
Prices are influenced by supply and demand.
Command
Traditional
Mixed
Market
9
An economic system heavily influenced by habits, customs, and religious beliefs.
Mixed
Traditional
Command
Market
10
This system is motivated by profits and thriving competition.
Traditional
Mixed
Market
Command
11
Who benefits from the free market economy?
the government
the wealthy
people living in poverty
producers and consumers
12
An economic system that combines elements of all the other basic systems.
Command
Mixed
Market
Traditional
13
What is the role of the government in a mixed economy?
owns the factors of production
no role of the government
Provides public goods
provides taxes
14
Government owns natural and capital resources.
Market
Mixed
Command
Traditional
15
Characterized by very low unemployment rate.
Market
Traditional
Command
Mixed
16
Which economic system allocates goods and services based on prices and profits?
Traditional
Mixed
Command
Market
