Economics Ch 5-6

What modern economic system is based on Adam Smith’s writings?

Which of the following is not necessary for a communist system?

In ________ a state’s economic decision-making power and ownership of resources is minimal

What are goods that benefit all or nearly all of a nation’s citizens but are not usually produced by private companies?

The answer to the input question which focuses more on automated equipment and real capital

According to centralized socialism, what is the solution to the workers’ problems?

Which of the following is not true of communism as a philosophy?

The primary goal that drives the market solution to the input question is ________.

What is meant by the consumer goods/capital goods trade-off?

Which of these is not a source of extensive growth?

What is one significant similarity between radical capitalism and communism?

The book written by Adam Smith

In _________ the state owns the cornerstone industries of a nation’s economy

Which of the following is a characteristic of a welfare state?

Which of the following is the primary economic concern of a society?

Mercantilism measured a nation's wealth primarily by its ________.

Which of these does not determine whether a society is capitalistic or socialistic?

The idea that citizens should be able to own and use property as they see fit without government interference

What viewpoint states that each person has a right to part of the nation’s wealth simply by being part of that nation?

The term which refers to what occurs when someone who wants to work cannot find a job

Which of these is not one of the primary economic objectives of a society?

Which of the following is a consumer good?

Which of the following is an example of a public good in America?

From what source do firms get the funds to purchase more real capital?

The book written by Karl Marx

Adam Smith defined wealth as ________.

Who is the Father of Communism?

In ________ the government disbands and turns control of the factors of production over to everyone in common

What is the market solution to the output question?

Which of these is not one of the three basic questions economic decision makes must answer?

Which of these is considered a transitional economic system?

In ________ individuals are the sole owners and decision makers in all economic affairs

What generally happens when interest rates rise above the market interest rate?

The idea that seeks to distribute all the nation’s income equally to all individuals, regardless of their contribution

Which of the following is not a major trait of laissez-faire liberalism?

Low unemployment can be - but is not always - a sign of ________.

Which of these can assist in economic growth?

Which economic system best describes modern America?

The term for an increase in the quantity of goods and services a nation is capable of producing

The answer to the output question in which a central committee or individual decides what the nation will produce

Which of the following is a capital good?

Karl Marx saw economic history as characterized primarily by ________.

In a social democracy, which of the following is most likely to be privately owned?

What is the command solution to the input solution?

Which of the following does not immediately result from fluctuations of inflation and deflation?

In ________ the state is both owner and decision maker in all economic matters

In his writings Karl Marx envisioned which economic system as a stepping stone to a perfect society?

Which of the following best qualifies as a period of intensive growth?

What is the central function performed by the market interest rate?

The favorable balance of trade mercantilist countries sought to achieve refers to ________.

Which of these economic systems only exists in theory?

The idea that economies are led by an “invisible hand” that promotes the public interest

The public provision of further training or education for the unemployed while they search for jobs is often called ____

The extreme form of ________ creates a welfare state.

Which of the following is not a function of government according to Adam Smith?

Which of the following is not necessary for radical capitalism to exist?

The answer to the input question which relies on a large amount of manual labor

The term that describes what a person can actually buy with their income