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Economic Systems Review (Mr. Kennedy) Flashcards | StudBud
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Economic Systems Review (Mr. Kennedy)
Economic Systems Review (Mr. Kennedy)
31 terms
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StudBud Administration
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113 plays
To introduce the basics of Economic Systems.
Flashcards
31 cards
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Practice quiz
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Questions
31
Answers
1
The characteristics of a centrally planned economy are
central government lets factories set their own goals.
central government allows the market to set wages.
central government makes all economic decisions
central government enforces laissez-faire policies.
2
A person who believes that wealth should be evenly distributed in society is a
entrepreneur
capitalist
communist
socialist
3
What is one of the most important principles of economics?
money
distribution
scarcity
globalization
4
Traditional economies are usually
small communities that avoid change and new technology.
larger communities that welcome change and new technology.
communities that are able to deal with the environment
small communities that welcome change and new technology.
5
What happens to the Social Security money deducted from your paycheck?
it is given to injured works
it is put in a bank account under your name
it is used to provide medical benefits to Americans over 65
it is given, as a cash, to retired and disabled people.
6
Solar power and wind power are examples of what kind of resource?
capital
labor
nonrenewable
renewable
7
Health insurance for the elderly, poor, and disabled is provided by
Workers Compensation
The UPPA
Unemployment Department
Medicare and Medicaid
8
The process of bringing new methods, products, or ideas into use is
factory payment
innovation
traditional economy
profit
9
Why has America been referred to as the "land of opportunity"?
It provides jobs
It gives everyone the possibility to succeed if they work.
It provides money
It provides food
10
A system to protect people experiencing unfavorable economic conditions is
standard of living
profit
safety net
innovation
11
In a free enterprise system, consumers make their desires known by
buying or not buying products
protesting
emailing complaints
hiring lobbyist
12
The level of Economic Prosperity is
standard of living
profit
traditional marketing
economic freedom
13
Why does the government protect patents and copyright holders?
to regulate the business cycle
to promote innovation
to encourage trade
to strengthen American culture
14
The _____ system is another name for a market economy.
freedom of choice
free enterprise
private property
economic incentive
15
What is the profit motive?
exchange of goods
money that a business makes
opportunity for success
incentive to make money
16
The United States economy is a mixed economy
free market, but allows some government intervention.
centrally planned economy with no government help
traditional economy
free market, but allows NO government intervention.
17
An economy that relies on habit, custom, or ritual to answer economic questions is
factory payment
traditional economy
standard of living
safety net
18
An economy where all boys become farmers just like their fathers is an example of
command economy
traditional economy
free market economy
centrally planned economy
19
How is the economic system of China different from Soviet Russia?
Chinese government is socialist rather than communist
Chinese government is not authoritarian
Chinese government allows more economic freedom
Chinese government owns firms in major industries
20
In a command economy, the government regulates how goods and services are distributed.
False
True
21
When did the nation's welfare system begin?
during the World War I
during the War on Poverty
during the Civil War
during the Great Depression
22
The income people receive for supplying factors of production is
innovation
factor payments
profit
safety net
23
The method used by society to produce and distribute goods and services is
innovation
economic system
economic freedom
safety net
24
A person who believes that wealth should be evenly distributed in society is a
communist
socialist
capitalist
entrepreneur
25
To improve its standard of living, a nation's economy must
reach economic equality
grow through innovation
remain stable
allow the government to make economic decisions
26
Competition is driving force in free enterprise economy.
True
False
27
What does the process of specialization do for an economy?
It eliminates unemployment
It fosters competition.
It makes production more efficient.
It makes labor easier to control.
28
Which is a positive externality of a new high school?
more traffic
students purchase at nearby stores
more noise in community
raise in property taxes
29
How will consumers react to the incentive of a higher price on a good or service?
positive incentive will cause consumers to buy less
negative incentive will cause consumers to buy more
negative incentive will cause consumers to buy less
positive incentive will cause consumers to buy more
30
What do people supply in return for factor payment?
services, goods, or traditions
innovations, labor and trade
land, labor, or capital
innovation, profits or goods
31
Which philosopher argued that free market would regulate itself with little government help.
Fredrick Engels
Vladimir Lenin
Adam Smith
Karl Marx
