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Ch 2 Economic Systems
Government that demands obedience
Which of the following best describes the U.S. economy
Ch 2 Economic Systems
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1
Which of the following best describes the U.S. economy
centrally planned
mixed
free market
traditional
2
Government that demands obedience
incentive
authoritarian
laissez faire
competition
3
Group from government makes all the economic decisions
authoritarian
centrally planned
incentive
mixed economy
4
Programs that help people in hard times
profit
safety net
Equity
welfare
5
The following lists are nations with mixed economies. In which list is the free market most?
US, UK, Singapore, Hong Kong
Russian, Peru, France, Canada
Cuba, Greece, China, US
France, Canada, S. Africa, UK
6
Which of the following is a summary of the basic economic questions?
What goods and swervice show be produced, how, and for whom?
who will buy which goods, and how much will they pay?
How, when, and from whom do consumers get what they want?
When, where, and by whom should goods be prodced?
7
What do people supply in return for factor payments?
Innovations, profit, or goods
services, goods, or traditions
innovation, labnor, or trade
land, labor, or capital
8
Blends free market with central planning
centrally planned economy
mixed economy
authoritarian
laissaez faire
9
Concentrating of one activity
incentive
specialization
competition
command economy
10
What "invisible hand" directs the free market?
circular flow
competition
specialization
incentives and efficiency
11
Which of the following is a characteristic of a traditional economy?
industrial production
revolves around the family
encourages innovation
high standar of living
12
Power to decide what gets produced
authroitarian
consumer sovereignty
safety net
laissez faire
13
What happens in the product market?
income is recieved for supplying land, laborm or captial
Firms purchases the factors of production form households
Governments collect taxes from firms and consumers
Households purchase the goods and services that firm produce
14
Government should not interfere with the economy
laissez faire
centrally planned economy
mixed market
free market
15
something that makes a person take action
profit
consumer sovereignty
incentive
specialization
16
Money a business earns after expenses
expense
incentive
safety net
profit
17
contest for the dollars of consumers
profit
incentive
consumer sovereignty
competition
18
What did communist revolutions lead to in the Soviet Union and in China?
socialism
traditionalism
capitialism
central planning
19
What is the main difference between the economies of Chaina and N Korea?
N Korea is not centrally planned
N Korea is privatiting
China is not centrally planned
China is privatitizing
20
What must a nation's econmy do in order to improve the standard of living?
allow central planning
reach economic equity
grow
remain stable
21
Which of the following might be a part of a safety net for citizens?
regulation of commerce
unemployment compensation
Elections every 4 years
a strong military
