stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
The Low Down on Economics Flashcards | StudBud
Explore
/
The Low Down on Economics
The Low Down on Economics
27 terms
·
StudBud Administration
·
271 plays
Imported from external platform
Flashcards
27 cards
F
Practice quiz
P
Host live
L
Questions
27
Answers
1
All are key components to Capitalism or Free Enterprise, EXCEPT.
Competition
Economic Freedom
Equitable Distribution of Income
Voluntary Exchange
2
Who will dominate Dr. Big W's Economic Challenge Stock Market Game?
Dr. Big Dub
Dr. W
Dr. Dub
Dr. Big W
3
Forces in the market working to create unforeseen outcomes briefly describes ___, ____ theory.
Adam Smith's / Invisible Hand
None of the Above
Thomas Paine's / Social Contract
Karl Marx's / Communist
4
The benefits in a command economy far outweigh the bad.
False
True
5
Which of these is
Not
one of the three basic questions a Society or economic system must answer
What
For Whom
Where
How
6
Driving force in a Capitalistic Market.
Scarcity
Entrepreneur
Private Property Rights
Profit Motive
7
The United States has what type of Economic System?
Mixed Market
Free Enterprise
All of the above
Capitalistic
8
Type of economic system based on ritual and customs.
Traditional
Mixed
Market
Command
9
Division of labor can lead to __________________.
increased productivity
all of the above
Specialization
decreased output
10
How do consumers choose which products get made in a Free Market?
Vote by spending money on products they like
Vote on the Internet
Submit surveys to Corporations
None of the Above
11
Government controlled economic system based on publicly controlled factors of production.
Free Market
Communism
Mixed Market
Socialism
12
Economic system where decisions are centralized by an individual or small group.
Traditional
Command
Mixed
Market
13
All are advantages of a Traditional System EXCEPT.
Knowing what to produce
Knowing how to produce
High Standard of living
Knowing what role you play
14
Why do U.S. economic policies seek to achieve the goal of maximum employment?
More goods/services produced raising the standard of living
The executive is required to create jobs
it raises stock prices increasing GDP
Increases competition and inflation
15
A Person at the center of an eminent domain dispute, is MOST LIKELY protesting______?
Excess government regulation
Government taxation of property
Government's attempt at taking property
Government not up holding contracts
16
North Korea has less government regulation of their economy than does Singapore.
True
False
17
Economic system based on equitable distribution of wealth.
Communism
Free Market
Mixed Market
Socialism
18
Consumer sovereignty ensures a variety of goods and services are offered by firms.
True
False
19
Which market in the Economic Cycle do individuals control?
Business Market
Product Market
Factor Market
Stock Market
20
Land, ___________, _____________, & Entrepreneur are the four factors of Production.
Labor / Capital
Labor / People
Capital / Goods
Goods / Services
21
Who benefits from the free market economy?
Federal Government
Wealthy People
Poor People and Veterans
Consumers and Producers
22
Which basic economic question deals with the issue of where a person can afford to live?
Which goods and services be produced
Who consumes the good and services being made
Why should goods and services be produced
How should goods and services be produced
23
Which is
NOT
a role the government plays in our Economic System?
Consumer
Controller
Protector
Provider
24
Who developed the idea of division of labor?
Dr. W
Karl Marx
Henry Ford
Adam Smith
25
What do governments often base most economic decisions on?
The desire to get reelected
wants and needs of its people
desire for economic growth
All of the above
26
All are advantages of a Market Economy EXCEPT.
High Standard of living
High Degree of Economic Freedom
Care and Provides for all Citizens
Abundant Choices
27
Economic system where decisions are left to the people who control all factors of production
Mixed
Traditional
Command
Market
