stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
II. Economic Systems & Questions Flashcards | StudBud
Explore
/
II. Economic Systems & Questions
II. Economic Systems & Questions
24 terms
·
StudBud Administration
·
7 plays
# II Economic Systems & Questions
Flashcards
24 cards
F
Practice quiz
P
Host live
L
Questions
24
Answers
1
Which is a consumer good?
car
welding machine
tractor
printing press
2
What is a major advantage of using automated equipment instead of labor?
cheap maintenance
small cost of new investment
versatile application
nearly constant rate of productivity
3
One significant similarity between radical capitalism and pure communism is
They see no need for government.
They both promote greed.
They have been adopted by many countries.
They are based on scriptural principles.
4
What is the market solution to the output question?
Businesses set the labor intensive/capital intensive ratio
Gov leaders make only emergency decisions
Each individual decides the consumer/capital goods tradeoff
Gov committees decide the labor/capital intensive ratio
5
Market economy answer to the distribution question, often called by some "economic Darwinism"
libertarian fairness
egalitarian fairness
Keynesian economics
Smithian economics
6
Which economic system best describes modern America?
classic liberal capitalism
social democracy
radical capitalism
state capitalism
7
Which is an example of a public good in America?
highways
air travel
banks
telecommunication
8
Who is the Father of Laissez-Faire Economics?
Adam Smith
Milton Friedman
Alfred Marshall
Karl Marx
9
Which of the following best qualifies as a period of intensive growth?
America's westward expansion
European colonialism
the Industrial Revolution
the Louisiana Purchase
10
Mercantilism measured a nation's wealth primarily by its
deep pool of skilled labor
reserves of gold and silver
acquisition of new colonies
level of domestic manufacturing
11
Which of the following four primary national economic goals of a society is incorrect?
to ensure an equal income for all citizens
to hold price levels stable
to maintain a healthy rate of economic growth
to keep a low level of unemployment
12
Growth occurring when businesses increase production due to more land, labor, and capital
intensive
extensive
13
Who is the Father of Communism?
Alfred Marshall
Adam Smith
Milton Friedman
Karl Marx
14
Which of the following was not a major trait of laissez-faire liberalism?
profit seeking
personal responsibility
fair trade
limited government
15
Which is a capital good?
house
book
plow
medicine
16
What is the central function performed by the market interest rate?
It reflects consumer confidence in the economy.
Allows financial markets to profit from economic downturns
It forces producers to give in to demand.
Regulates the flow of money from households to businesses
17
What is a major advantage of a labor-intensive business over a capital-intensive business?
reliable rate of productivity
few hidden costs
low unemployment
increase in the average individual income
18
Adam Smith defined wealth as
having money to buy more than basic supplies.
items that provide some measure of utility.
a nation's average standard of living.
an individual's accumulated savings.
19
From what source do banks get the funds they loan to businesses to purchase more real capital?
consumer savings
fundraisers
company profits
budget cuts
20
Centralized socialism says the solution to the workers' problem is
to negotiate through unions
to work harder
to possess the means of production
to cooperate with business owners
21
Which is the primary economic concern of a society?
acquire more economic resources
achieve economic goals
balanced budget
sustain economic growth
22
Karl Marx envisioned which economic system as a stepping stone to a perfect society
social democracy
state capitalism
centralized socialism
communism
23
In a social democracy, which is most likely to be privately owned?
airports
hospitals
chocolate manufacturers
trucking companies
24
What is nationalization?
government assumption of another nation's major businesses
a government's assumption of the nation's major businesses
a nation's exploration and conquest of foreign territories
a nation's creation of colonies in foreign territories
