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Economic Systems
Economic Systems
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The different Economic systems and the United States Economic Systems
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Markets in the free enterprise system are seldom regulated by
consumers
entreprenurs
the government
businesses
2
A rise in the level of prices over time is known as
a catalyst
inflation
profit
voluntary exchange
3
Which area is where the transition to capitalism is nearly complete but not effective?
North Korea
South Korea
Western Europe
Eastern Europe
4
What command economy went from agricultural society to an industrial nation in a few decades?
North Korea
China
Former Soviet Union
Cuba
5
Which feature is different between a command economy and a socialist economy?
all production is managed by the government
all decision are based on custom and habit
Economic decisions are made by the free market
Some degree of private ownership is allowed
6
Which of these statements is descriptive of a market economy?
Major economic decisions are made by the individual
government determines what is produced
Major economic decisions are made for the individuals
Most media is state owned
7
Which is the best description of economic system in Cuba?
traditional economy with strong central authority
command economy with strong central authority
command economy in transition to a mixed
mixed economy in transition to a command economy
8
The economic system of the U.S. is considered a
socialist economy
command economy
Free market capitalist economy
traditional economy
9
Which of these are a major advantage of a market economy?
There is a high degree of individual freedom
There is efficient government production and distribution
People are offered goods and services they can not afford
It can change direction rapidly
10
Which of the following explains why products under a command economy are likely low quality?
workers manage their own production facitlities
there are no quality controls for their products
workers have little incentive to make them well
They use old fashioned methods that cause low quality
11
The country that has the highest per capital income and is a capitalist system is
Norway
Singapore
Germany
The United States
12
Which of the following list economic systems in order from
least
to
most
flexible?
free market, socialism, command
socialism, command, free market
free market,command, socialism
command, socialism, free market
13
Which type of economy is most prevalent in the world today?
command
traditional
mixed
market
14
Which of the following is an advantage of a traditional economy?
There's not bureaucracy to interfere with o the economy
Creativity and original thought is rewarded
Everyone know exactly what their function is
Property right are based on tradition
15
which of these economic system have the least in common?
market economy and capitalism
command economy and capitalismm
free enterprise economy and market economy
command economy and socialism
16
Who did Karl Marx believe would be the beneficiaries of socialism?
capitalists
workers
property oweners
the government
17
When a state government builds a highway this is an example of what role of the government?
provider
consumer
regulator
protector
18
Which statement describes a disadvantage of a command economy?
Government produces stuff that is not needed
cannot change direction rapidly if needed
It does little to help the less advantaged obtain services
Items tend to be produced for the sake of profits
19
In what type of economy does the government decide whether houses or apartments will be built?
traditional
market
command
mixed
20
Which of the following is responsible for the growth of a free enterprise system?
Gross Domestic Product
profit motive
government
Market efficiency
21
Protection from layoffs, illnesses, injuries or disabilities falls under the goal of
economic growth
economic security
economic efficiency
Economic equity
22
What kind of economy offers uniformity in wages regardless of individual productivity?
market and free enterprise economies
traditional economies
all economies
command and social economies
23
Why would people in a command economy resist a change to a free market?
Business are reluctant to place their capital under workers
workers are reluctant to accept government owned economy
workers are reluctant to give up a classless society
People who hold political power are threatened by changes
24
What is one of the benefits of economic equity?
receiving equal pay for equal work
living on a fixed income
conserving resources
unemployment compensation programs
25
What is the name of the federal health insurance system for senior citizens of the USA?
Medics
Social Security
Medicare
Affordable health care Act
26
The dollar value of all final goods, services and structures produced in a country is known as
profit motive
Gross Domestic Product
Franchise
Gross National Product
27
Which of these explain why mixed economies develop?
Government controlled economy makes a nation more prosperous
Government controlled economy leads to diversity approaches
People are unhappy with their current economic system
People are seldom exposed to ideas of other cultures
28
Which best describes the major economic and social goals of American Free Enterprise system?
They are part of the Constitution
They are laws
They are repeated many times in statements by America
They are determined by the regular elections
29
Which of the following is a Japanese capitalism that is illegal in the US?
privatization of business sectors
collectivization of industry and agriculture
keiretsu
perestroika
30
Why did Sweden move from a socialism to a mixed economy in the 1980's?
Its citizens objected to high taxes
government decided that people no longer needed welfare
citizens demanded more of a communist economy
government decided opening oil industry would boost economy
