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CP Econ - Chapter 1 & 2 review Flashcards | StudBud
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CP Econ - Chapter 1 & 2 review
CP Econ - Chapter 1 & 2 review
9 terms
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StudBud Administration
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What did you learn about economic systems
Flashcards
9 cards
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Practice quiz
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Questions
9
Answers
1
When a nation privatizes it changes from
private ownership to government ownership
private ownership to public ownership
public ownership to government ownership
government ownership to private ownership
2
Producers and consumers drive the economy of a
command economic system
communist system
traditional economic system
market economic system
3
The government owns some, but not all, factor of production
socialist system
authoritarian system
communist system
pure market system
4
Which is not a Harry Potter book?
Harry Potter and Awkward Stage of Puberty
Harry Potter and the Goblet of Fire
Harry Potter and the Chamber of Secrets
Harry Potter and the Sorcerers Stone
5
On a Production Possibility Curve, a point OUTSIDE the curve indicates
Unemployment is occurring
an unattainable point with current resources
resources are being used efficiently
all resources are not being used efficiently
6
The nation where government plays the most limited role in the economy is
USA
Sweden
North Korea
France
7
According to Karl Marx, all history is a struggle between
businesses
consumers
races
classes
8
Which economist is most associated with the "Austrian School" of free markets?
Marx
Keynes
Smith
Hayek
9
Which of the following explains economics as it should be, not as it is, is called...
macroeconomics
normative economics
positive economics
microeconomics
