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Chapter 2, Economic Systems Flashcards | StudBud
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Chapter 2, Economic Systems
Chapter 2, Economic Systems
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#economics
Flashcards
18 cards
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Questions
18
Answers
1
The USA has which sort of economic system?
Free market capitalism
Socialism
Communism
Mixed market
2
In what economic system are decisions made entirely through supply and demand?
Communism
Mixed market
Free market capitalism
Socialism
3
North Korea has which of the following economic systems?
Farmers Market
Communism
Free market capitalism
Socialism
4
What is one advantage of a free market system?
Low prices for everything
Equal social services everywhere
Efficient economic decisions
No unemployment
5
In a socialist system, all large businesses and farms are run...
for the good of society
according to religious law
by individuals
in order to make a profit
6
What do firms (businesses) buy in the factor market?
Advertising
Electricity
Labor
Political power
7
An economic system with no government intervention is known as ...
je ne sais qois
laissez faire
bon temps
roulette
8
In a communist system, who owns all land and capital?
Corporations
The government
Individuals
Unions
9
Which of the following nations has a socialist economy?
Sweden
Mexico
Japan
Canada
10
Which of the following IS NOT a disadvantage of a pure free market capitalist system?
Economic decisions are slow and inefficient
Rich people may dominate the government
Some people lack their basic needs
Large gaps between rich and poor
11
Which of the following IS NOT a characteristic of communist nations?
Not many choices in consumer goods
Government tries to provide all basic needs
Government makes all economic decisions
Many parties in government
12
Which of the following does the government attempt to do in a mixed market economy?
Control the prices of food
Provide basic needs for the very poor
Tell factories what to make
Ban all competing political parties
13
Who is the most famous writer on socialism and communism?
Frederich Hayek
Karl Marx
John M. Keynes
Adam Smith
14
The WIC program is an example of...
Charity
A mixed market economy
Free market capitalism
Communism
15
Which of the following is a disadvantage of communism?
Big wealth gaps between poor and rich
Factory owners can dominate politics
No government input in the economy
Very little personal freedom
16
What do households buy in the product market?
Goods and services
Land
Capital
Labor
17
Under which economic system do people have the least freedom?
Socialism
Communism
Free market capitalism
Mixed market
18
Self-regulation in the free market capitalist economy is known as...
the invisible hand
the guiding light
the wave
the disciplined investor
