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Economics Unit 2 Subunit 1: Economic Systems Flashcards | StudBud
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Economics Unit 2 Subunit 1: Economic Systems
Economics Unit 2 Subunit 1: Economic Systems
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Flashcards
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Questions
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Answers
1
An economic system with no government intervention is known as ...
roulette
je ne sais qois
laissez faire
bon temps
2
Which of the following nations has a socialist economy?
Japan
Sweden
Mexico
Canada
3
Who is the most famous writer on socialism and communism?
John M. Keynes
Karl Marx
Frederich Hayek
Adam Smith
4
The USA has which sort of economic system?
Socialism
Free market capitalism
Communism
Mixed market
5
North Korea has which of the following economic systems?
Free market capitalism
Mixed Market
Communism
Socialism
6
Which nation has a free market economic system?
Singapore
France
Poland
Finland
7
What do households buy in the product market?
Capital
Labor
Land
Goods and services
8
In what economic system are decisions made entirely through supply and demand?
Communism
Mixed market
Free market capitalism
Socialism
9
Which of the following IS NOT a characteristic of communist nations?
Government makes all economic decisions
Not many choices in consumer goods
Many parties in government
Government tries to provide all basic needs
10
What is one advantage of a free market system?
Low prices for everything
Equal social services everywhere
No unemployment
Efficient economic decisions
11
Self-regulation in the free market capitalist economy is known as...
the wave
the invisible hand
the disciplined investor
the guiding light
12
Which of the following is a disadvantage of communism?
No government input in the economy
Very little personal freedom
Big wealth gaps between poor and rich
Factory owners can dominate politics
13
What do firms (businesses) buy in the factor market?
Electricity
Advertising
Political power
Labor
14
Which of the following corporations is run under socialist principles?
Tennessee Valley Authority
Verizon
Amazon
Google
15
Under which economic system do people have the least freedom?
Communism
Free market capitalism
Mixed market
Socialism
16
Which of the following does the government attempt to do in a mixed market economy?
Control the prices of food
Ban all competing political parties
Provide basic needs for the very poor
Tell factories what to make
17
In a communist system, who owns all land and capital?
Individuals
Unions
Corporations
The government
18
In a socialist system, all large businesses and farms are run...
by individuals
according to religious law
for the good of society
in order to make a profit
19
Which of the following IS NOT a disadvantage of a pure free market capitalist system?
Large gaps between rich and poor
Some people lack their basic needs
Economic decisions are slow and inefficient
Rich people may dominate the government
20
The WIC program is an example of...
A mixed market economy
Communism
Free market capitalism
Charity
