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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
20 terms
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StudBud Administration
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A unit review of major economic systems and economists for a Freshman #Economics Course.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Who argued that government spending actually limited individuals' choices, slowing the economy?
John Maynard Keynes
Milton Friedman
Karl Marx
Thomas Malthus
2
Who decides what to produce in a command economy?
Individuals
Tradition
Government
3
Whose ideas have been discounted because they were used to justify horrible government abuse?
Thomas Malthus
Adam Smith
Karl Marx
John Maynard Keynes
4
What economic system relies heavily on customs of the group to make decisions?
Traditional Economy
Market Economy
Mixed Economy
Command Economy
5
What is one of the two economic systems that combine to create a mixed economy?
Command Economy
Market Economy
Traditional Economy
6
What economic system is completely controlled by individuals and private companies?
Traditional Economy
Mixed Economy
Command Economy
Market Economy
7
What economic system is completely controlled by a central authority, usually the government?
Mixed Economy
Market Economy
Command Economy
Traditional Economy
8
Which economic system is best for the environment, but is unable to grow very large?
Market Economy
Command Economy
Traditional Economy
Mixed Economy
9
Who argued that workers would eventually rise up in revolt to create a classless society?
Milton Friedman
Karl Marx
Adam Smith
Thomas Malthus
10
Whose arguments have shaped current trends of gov'ts cutting back social programs and taxes?
Milton Friedman
John Maynard Keynes
Adam Smith
Karl Marx
11
What is a system where people choose how to save and use resources as capital?
Free Market
Socialism
Communism
Capitalism
12
Who believed that governments had to increase spending and lower taxes to fix recessions?
Milton Friedman
John Maynard Keynes
Thomas Malthus
Karl Marx
13
What is a system where the gov't controls important resources & leaves the rest to the market?
Communism
Free Market
Capitalism
Socialism
14
What system allows people to make economic decisions without gov't control in a market economy?
Communism
Socialism
Capitalism
Free Market
15
What is a system in which the gov't controls all resources and distributes them to the people?
Capitalism
Communism
Free Market
Socialism
16
What economic system doesn't actually exist in the real world?
Mixed Economy
Market Economy
Command Economy
Traditional Economy
17
Which of the following is
NOT
an advantage of a command economy?
Consumer demands are usually met
Unemployment usually is low
Prices generally remain stable
Response to economic needs is quick
18
Who was the first to argue that competition regulates the economy better than the gov't can?
Karl Marx
Milton Friedman
Adam Smith
John Maynard Keynes
19
Whose economic arguments caused the field of economics to focus on the idea of scarcity?
Adam Smith
Thomas Malthus
Milton Friedman
Karl Marx
20
Who proposed policies that almost all economists agree help reduce the effects of recessions?
Thomas Malthus
Adam Smith
Milton Friedman
John Maynard Keynes
