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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
22 terms
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StudBud Administration
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Review guide to study economic systems
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
Which of the following is NOT a goal of a Mixed Economy
Growth
Justice
Security
Efficiency
2
What is the first economic question
For whom should we produce
What should be produced
How should it be produce
3
Who wrote the Wealth of Nations
Mark Twain
Adam Smith
Adam Johnson
Karl Marx
4
In a traditional economy, who decides what to produce?
The consumers
Their ancestors/elders
Supply/Demand
The market
5
What is a negative consequence of government regulation
can hinder economic freedom
can hinder safety nets
creates extra pollution
All of the above
6
Who owns the factors of production?
Households
Firms
7
Which of the following is a modern day example of a command economy
South Korea
North Korea
North America
North Carolina
8
Most farmers in the U.S. practice this type of farming
Subsistence
Commercial
Substantial
Practical
9
What is a disadvantage of a Market Economy
Economic efficiency
Economic Freedom
Economic Growth
Equity and Security not always achieved
10
is there such thing as a free lunch?
yes
no
11
Which of the following is the most unsuccessful economic system
Command
Traditional
Capitialism
Socialism
12
In a free market economy, individuals and business make choices effecting which econ questions?
#1, #2, #3
#3 Only
They have no choice
#1 Only
13
What is the third economic question
How should we produce
What should we produce
For whom should we produce
14
In a command economy who decides prices of goods/services
The government
The market
Mr.Ullom
The people
15
The second economic question
What should we produce
How should we produce
For whom should we produce
16
Example of government provided economic security
Social Security
Flat tax
National Guard
U.S. Coast Guard
17
In this system, the government intervenes to some extent
Command
Mixed Economy
Free Market
Laissez-Faire
18
Which of the following is NOT an economic system
Traditional
Command
Market
Communism
19
In a Free Market, who are the two major participants
Households and Government
Government and Firms
Firms and Households
20
Which of the following is an example of traditional economy
Nazi Germany
Inuit People
United States
USSR
21
What benefits do firms return to households?
Revenue, Profit
Wages, Emplyoment
Capital, Labor
22
Maximizing what you can produce with limited resources
Efficiency
Equity
Evolution
Growth
