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Duplicate of Economic Systems (Blind) Flashcards | StudBud
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Duplicate of Economic Systems (Blind)
Duplicate of Economic Systems (Blind)
22 terms
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StudBud Administration
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Introducing different economic systems from around the world.
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
The government plans economic activities in a _____ economy.
Command
Traditional
Market
2
A subsistence economy
traditional
command
mixed
market
3
Which of the following are the characteristics of a market economy?
eco freedom, profit, private property rights, competition
no private ownership, equality and government control
part command and part market
found in remote areas and lives at a subsistence level
4
Which of the following is an example of economic freedom?
making money from your labor
the government doesn't allow economic freedom
choosing the job you want
owning a home
5
Which of the 3 basic economic questions do consumers answer?
How to produce it?
Who gets what is produced?
What to produce?
6
Which of the following is not one of the 3 economic questions that all societies must answer?
Who will receive the goods & services?
What goods & services will be produced?
How will goods & services be produced?
How much tax will government get?
7
An economy with some government control, but people enjoy economic freedom and choices.
Market
Traditional
Mixed
Command
8
What type of economic system is found in remote areas and has no concept of money?
Socialism
Traditional
Command
Market
9
Economic activity is based on customs that have gone on for generations.
Market economy
Traditional economy
Command economy
10
Which country has a command economy?
Switzerland
North Korea
United States
Japan
11
Which economy would have the highest degree of individual freedom?
Market economy
Command economy
Traditional economy
12
Private property rights give people the incentive to
the government doesn't allow private owenership
own, profit and compete
life, liberty and property
work, save and invest
13
People and business act in their own best interest to answer the economic questions.
Command economy
Traditional economy
Market economy
14
The role of the entrepreneur is to
create new businesses and be the catalyst in the economy
be a provider, protector and regulator
buy up as much property as possible
15
Another way of saying consumer sovereignty is
it is always the government's fault
greed is good
the consumer is always right
the entrepreneur know best
16
How does competition benefit the consumer?
giving the incentive to work, save and invest
ensuring products are of quality and at the lowest price
buyers and sellers get the best deal
17
An organized way to provide for the needs of a society is a/an
economic system
economics
economic freedom
economic choice
18
After the voluntary exchange
the seller must believe he got the better deal
buyer and seller must feel the got more than they gave up
the government does not allow voluntary exchanges
the buyer must believe he got the better deal
19
Free enterprise and capitalism are synonymous with a
socialist economy
market economy
traditional economy
command economy
20
Communist countries have a
mixed economy
traditional economy
market economy
command economy
21
The U S has a ____ economy.
Command
Mixed
Market
Traditional
22
The role of the government is to
take as much in taxes as possible
be a regulator, provider and protector
create new businesses and job opportunities
