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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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Introduction to the basics of economics and systems
Flashcards
29 cards
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Practice quiz
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Questions
29
Answers
1
Health insurance in America for the elderly, the poor, and the disabled is provided by
Worker’s Compensation.
the unemployment insurance program.
TANF
Medicare and Medicaid.
2
What is the government’s role in controlling externalities in the American economy?
limit all externalities to stop market failures.
limit positive and encourage negative externalities.
encourage positive and limit negative externalities
encourage all externalities to increase competition
3
Social Security withheld from your paycheck is for
health insurance for the elderly and poor
401K retirement account
cash transfers for the elderly and poor
cash transfers for those hurt on the job
4
Which of the following philosophers recommended the free market
Friedrich Engels
Adam Smith
Karl Marx
Vladimir Lenin
5
Why does the government protect inventors and authors by offering them patents and copyrights?
to strengthen American culture
to promote innovation
to regulate the business cycle
to encourage free trade
6
Which are the government’s three goals for promoting economic strength?
high employment, increased spending, and low taxes
low unemployment, low prices, and low taxes
steady growth, high prices, and innovation
high employment, steady growth, and stability
7
Which of the following is considered a "cash transfer"
grants
food stamps
unemployment compensation
section 8
8
A person who believes that wealth should be evenly distributed throughout society is
a communist.
a capitalist.
an entrepreneur.
a socialist.
9
The ________ system is another name for a market economy.
Free Enterprise Capitalism
Socialist
Command Economy
Communist
10
In a command economy, the government regulates how goods and services are distributed.
False
True
11
Adam Smith's economic system is often called...
State Capitalism
Radical Capitalism
Classical Liberal Capitalism
Welfare State
12
Machinery and equipment are examples of what kind of goods?
renewable
nonrenewable
capital
consumer
13
What is the profit motive?
shift in price
opportunity for success
exchange of goods
incentive to make money
14
Roads and bridges are examples of how government provides
public goods
in kind benefits
market failure
grants
15
a system to protect people experiencing unfavorable economic conditions
market exchange
safety nets
soul glo
factor payments
16
What are the most important principles of economics?
money and capital
distribution of wealth
insatiability and scarcity
globalization and price
17
the level of economic prosperity
poverty threshold
standard of living
traditional economy
specialization
18
Sweden and Denmark are examples of...
Workers Management Socialism
State Capitalism
Welfare State
European Social Democracy
19
What does the process of specialization do for an economy?
It eliminates unemployment.
It fosters Social Darwinism
It makes labor easier to control.
It makes production more efficient.
20
When did the nation’s welfare system begin?
during World War I
during the War on Poverty
during the Civil War
during the Great Depression
21
How will consumers react to the incentive of a higher price on a good or service?
positive, buy more products
negative, buy less products
negative, buy more products
remain stable
22
Traditional economies usually in third world nations...
adapt to innovation
avoid change
23
In a free enterprise system, who decides what will be produced?
consumer
producers
firms
government
24
Which system does the government control vital industries, but allow free market...
Classical Capitalism
Workers Management Socialism
Welfare State
Communism
25
Which of these systems has never been achieved?
Mercantilism
Radical Capitalism
Welfare State
Communism
26
The United States economy is a mixed economy of State Capitalism...
traditional economy with some government intervention
free market with no government intervention
free market with some government intervention
centrally planned with no government intervention
27
How is the economic system in China today different from the one in Soviet Russia?
The Chinese government is European Socialist Democratic
The Chinese government owns firms in major industries.
The Chinese government allows far more economic freedom.
The Chinese government is not authoritarian.
28
Competition is a driving force in a free enterprise economy.
False
True
29
What is one way the Constitution protects the free enterprise system?
It protects out the rights of consumers.
It establishes the principle of voluntary exchange.
It recognizes private property rights.
It prevents the government from making contracts.
