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Unit 1- Economics review Flashcards | StudBud
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Unit 1- Economics review
Unit 1- Economics review
30 terms
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Economics #economics
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
In a command economy, the government has little control over economic activity.
False
True
2
Command economies tend to be located in....
Socialist nations
Communist nations
Dictatorships
All of them
3
Economic freedom is experienced more in....
...a command economy
...a mixed market economy
...a traditional economy
...none of these
4
_____ and _____ describe the goods a nations sends out and takes in.
exports and imports
supply and demand
gdp and per capita
wealth and capital
5
What is a GDP?
A nations total wealth
A nations total population
A nations total debt
A nations total amount of imports
6
In a mixed market system, the government really is only there to....
mandate all economic activity
act as an economic regulator
none of the above.
control the heathcare industry
7
4 p's of marketing are....
product price place property
promotion place product parts
product price promotion platform
product price place promotion
8
a nations trade and industry is controlled by the private sector and seeks to make profit is...
Socialism
Command economics
Supply and Demand
Capitalism
9
if the demand of a product increases, the price will....
increase
decrease
drop
stay the same
10
Which of the following is a characteristic of a command economy?
government controls major economic activty
government owns only health care
Government has little to no say in the economy
government controls only certain industries
11
Cuba has a....
Command economy
Traditional economy
No economy at all
Market economy
12
Which of the following characteristics would NOT impact a nation's GDP and prosperity?
None of the above
Education rates
Geography
Life expectancy
13
If a nation has a high amount of imports, this will effect their...
Trading
GDP
Deficit
Education rates
14
Capitalism works best in the_______ economy.
Command
Traditional
None of the above
Mixed Market
15
Which of the following statements best describes a Mixed Market economy?
Economy is mostly private and regulated by govt
Based on customs and beliefs
often located in 3rd world countries
ceo's drive the economy
16
The United States is an example of a ...
Mixed Market economy
capitalist economy
all of these, actually.
free enterprise economy
17
Which of the following characteristics IS NOT used to judge how good a nations economy is ?
Population count
Unemployment rate
GDP growth rate
GDP per capita
18
If prices gradually increase, and our dollar does not stretch as far, this is known as:
supply and demand
deportation
capitalism
inflation
19
_______ and______ is the core of market economics.
supply and demand
inflation and deflation
buying and trading
imports and exports
20
Traditional economies are mostly found in...
Wealthy nations
Southern nations
Western nations
Poor nations
21
The price that consumers and businesses can "agree" on is known as the:
Sweet spot
Equilibrium
supply and demand
inflation
22
Having a surplus in this economy isn't always a bad thing because the govt controls production
mixed
traditional
market
command
23
Traditional economies tend to have...
no gdp at all.
A lower gdp compared to mixed markets
the same kind of gdp as a command economy
A higher gdp compared to mixed markets
24
Where oil is a natural resource, demand does not decrease and consumers could pay high prices.
True
False
25
North Korea has a ...
mixed economy
Command economy
capitalist economy
traditional economy
26
Factor of Econ Justice (fair /same wages) is best approached in...
...a command system
...a mixed market system
...free enterprise system
...it's complicated. Pros and Cons to both.
27
Economic growth is often higher in...
...none of these. Everything is terribad.
...a traditional economy
...a mixed market system
...a command economy
28
Which of the following is NOT a factor of production?
Natural resources
Capital resources
Promotion of product
Labor forces
29
Which economy tends to "reject" new technology/ new ways of producing things?
Command
Traditional
Capitalist
Mixed Market
30
Mark Zuckerberg and Steve Jobs are known as...
Scientists
Entrepreners
Dudes
Tech wizards
