Chapter 2 : Economic Systems

Question 1

What is the best example of a command economy in the modern world?

Accepted Answer

North Korea

Question 2

What is the concept that consumers have to power to purchase what they want, giving them power?

Accepted Answer

Consumer Sovereignty

Question 3

What is the french term meaning "leave things alone"?

Accepted Answer

laissez faire

Question 4

Which economic system does the United States have?

Accepted Answer

Mixed-Market

Question 5

What is the term for a system that requires absolute obedience to authority?

Accepted Answer

Authoritarian

Question 6

What is America?

Accepted Answer

The Best Country in the World, Awesome, Amazing

Question 7

What economic system is based on private ownership of the factors of production?

Accepted Answer

Capitalism

Question 8

In which economic system does the government decide what goods and services will be produced?

Accepted Answer

Command

Question 9

From who's ideas was communism developed?

Accepted Answer

Karl Marx

Question 10

What is the effort between two or more people to try to get the business of others?

Accepted Answer

Competition

Question 11

What is the rights of individuals and groups to own property?

Accepted Answer

Private Property Rights

Question 12

Which economic system is based on individual choice?

Accepted Answer

Market

Question 13

What is the extreme form of socialism?

Accepted Answer

Communism

Question 14

Which economic system is based on customs or beliefs passed down generation to generation?

Accepted Answer

Traditional

Question 15

What is the term for a system in which society's leaders make all economic decisions?

Accepted Answer

Centrally Planned Economy

Question 16

What is the government system in which the government owns factors of production?

Accepted Answer

Socialism

Questions 16