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Chapter 2 Econ Flashcards | StudBud
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Chapter 2 Econ
Chapter 2 Econ
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1
Economic system that has some combination of traditional, command, and market economies
Command Economy
Capitalism
Mixed Economies
Great Depression
2
Which of these helps explain why mixed economies develop?
Government control of an economy tends to make a nation more prosperous
People are seldom exposed to the ideas and technologies of other cultures
People become unhappy with aspects of their current economy.
Government control of an economy leads to diversity of economic approaches
3
Which of these countries has an economy most similar to that of the former Soviet Union?
Sweden
North Korea
South Korea
Norway
4
economic and political system in which factors of production are owned and directed by the state
socialism
communism
traditional
5
Which of the following is a cause of struggle in the process of privatization
all of the above
it takes rights away from the people
People must adjust to the costs & risks of capitalism
it is not a sucessful system
6
Which of these statements describes a
DISADVANTAGE
of a traditional economy?
everyone knows his or her role
new ways of doing things are encouraged
new ways of doing things are discouraged
difficult economic decisions are made by the state
7
Which of the following is a feature of a command economy that distinguishes it from a socialist economy?
All economic decisions are based on custom and habit.
Some degree of private ownership and activity is allowed.
All production is manged by the government.
All economic decisions are made by the free market.
8
Which of these is the most striking example of the costs and risks of pure capitalism?
the Gosplan
the Five-Year Plan
the Great Depression
the Great Leap Forward
9
In a transitioning economy, why would privatization tend to raise a nation’s overall standard of living?
People are less likely to assume the risks of entrepreneurship.
People are more likely to be productive when it benefits them personally
It places the means of production in the hands of the government.
It puts a nation’s rulers in a position to run the economy efficiently.
10
Successor of the European Coal and Steel community
United Kingdom
United Europe
NATO
European Union
11
Which of these statements is descriptive of a market economy?
The government determines what is produced and by whom.
Major economic decisions made by individuals, not for them.
Major economic decisions made for individuals, not by them
Most media is state-owned and operated.
12
Mechanism through which buyers and sellers of an economic product or service come together
Market
command
traditional
socialism
13
Certificate used to purchase government-owned property during privatization.
collectivization
EU
privitization
voucher
14
In which systems is the government most likely to provide people with goods and services they can't otherwise afford?
socialist economy
traditional economy
free-enterprise economy
market economy
15
System in which the government owns and controls some factors of production
Collectivization
Communism
Socialism
Free Market
16
Number of people per square mile of land
voucher
mixed economy
population density
collectivization
17
An economic and political system in which the factors of production are collectively owned and directed by the state
Capitalism
Nihilism
Communism
Socialism
18
System that has some combination of traditional, command, and market economies
combination economy
socialist economy
mixed economy
communist economy
19
economic system characterized by a central authority that makes the major economic decisions
command economy
socialism
economic system
traditional economy
20
meeting place where buyers and sellers interact
socialism
capitalism
economics
the market
21
Forced common ownership of factors of production
socialism
communism
European Union (EU)
collectivization
22
economic system in which govt owns some factors of production & has a role in determining what & how goods are produced
market economy
mixed economies
command economy
socialism
23
Requiring large amounts of investment in equipment in relation to labor
collectivization
market
mixed economy
capital-intensive
24
Economic system in which supply, demand and the price system help people make decisions and allocate resources.
Market Economy
Traditional Economy
Economic Economy
Command Economy
25
Worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939
Great Depression
voucher
population density
European Union (EU)
26
an economic system in which private citizens own and use the factors of production in order to generate profits
Communism
Socialism
Capitalism
27
Worst period of economic decline in U.S. history...
Great Depression
Great Recession
None of these.
Covid Recession
28
economic system in which the allocation of resources is the result of ritual, habit or custom
traditional economy
economic system
command economy
socialism
29
Which of these economic systems have the
least
in common.
command economy and capitalism
command economy and socialism
market economy and capitalism
free-enterprise economy and market economy
