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Economic Systems
Economic Systems
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Review of the basic terms of Chapter 23
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Countries that provide social services for citizens are known as
Market Economies
Corporations
National States
Welfare States
2
Which of the following is NOT a type of business organization?
Sole proprietorship
Corporation
Partnership
Monopoly
3
Which of the following is not a Communist country?
Cuba
Vietnam
Great Britain
Laos
4
A centrally planned economy is controlled by whom?
The workers
The banks
The government
The monarchy
5
In which Communist country did the US fight a war during the 1960s and 1970s?
Cuba
North Korea
Vietnam
China
6
Free market economy is also known as
Socialism
Capitalism
Marxism
Communism
7
Known as a collectivist/ government controlled system
Communism
Leninism
Capitalism
Stalinism
8
Also known as the capitalists/business owners
Communists
Proletariat
Socialists
Bourgeoisie
9
An individual with the drive to start a business is known as
a commune
a Socialist
a Communist
an entrepreneur
10
Name of Karl Marx's book
The Communist Regime
The Communist Plan
The Communist Manifesto
The Communist Article
11
Also known as The Workers
Communists
Bourgeoisie
Capitalists
Proletariat
12
Father of Socialism?
Joseph Stalin
Mao Zedong
Karl Marx
Kim Jong Un
13
Word to describe when one company is the only source of a product or service
Partnership
Sole proprietorship
Trust
Monopoly
14
Which of the following is no longer a Communist country?
Soviet Union
Cuba
North Korea
Laos
15
When supplies are plentiful, prices drop. When they are scarce, prices increase. AKA....
Law of Capitalism
Laws of up and down
Law of Economics
Law of Supply and Demand
