ECON TEST 2

The French term "laissez-faire" literally means _____.

This economic goal is enhanced by saving, investing and purchasing insurance.

Friedrich Engles and this economist wrote the "Communist Manifest."

Singapore, Canada, Japan and Germany possess this type of economy.

This group of people possesses a traditional economy.

Justin owns a Beadling hoodie, Sperry shoes and  DECA Ts.  They are all considered __________.

This type of economy makes it easiest for an individual to start their own business.

By the late 1880s, _____ advocated socialist reform through revolution.

These are the elements in the circular flow of the U.S. economy.

Almost all economies today are _____ economies.

This is the strongest motivating factor within a market economy.

This type of economy is in the process of changing from command to market.

This definition defines a monopsony market failure.

_____ percent of unemployment is considered full employment in the United States.

Competition forces businesses to _____.

This term describes what motivates people to establish new businesses or expand existing ones.

Eminent Domain is a right granted under the __________ Amendment of the Constitution.

The USSR had a government plan for economic development over a _____-year period.

This government agency regulates food, drugs, cosmetics and medical implants.

This is the amount of 20th century people that lived under communism or socialism.

Allowing each member of society to make choices represents this economic goal.

This is a rise in the average price of goods & services or a decrease in purchasing power.

The target growth goal of an economy each year is between _____ percent.

This is the most basic measure of economic growth in the United States.

Adam Smith's "invisible hand" refers to the role of _____.

This type of unemployment represents workers moving to another city and looking for work.

This government agency enforces laws that make it illegal to discriminate against workers.

The three basic economic questions are addressed by this type of economy.

This economic goal seeks to reduce extreme ups and downs in the standard of living.

This is a decrease in the average price of goods & services or an increase in purchasing power.

North Korea and Cuba possess this type of economy.

This term can be defined as "fairness."

This country currently possesses a transitional economy.

This is not a barrier to entry.

Canada possesses this type of economy.