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Chapter 2 Econ Review Flashcards | StudBud
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Chapter 2 Econ Review
Chapter 2 Econ Review
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A #Econ review of Economic systems
Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
What is one of the most important advantages of a free market?
it is easy to regulate
it protects the less fortunate
It encourages growth
it distributes goods equally
2
Doctrine that government generally should not intervene in the marketplace
Socialism
Authoritarian
laissez-faire
Authoritarian
3
A person who believes that wealth should be evenly distributed throughout society is?
An entrepreneur
A Socialist
Crazy
A Capitalist
4
Economic system based on belief that wealth should be distributed evenly
Capitalism
Authoritarianism
Communism
Socialism
5
Where are traditional economies usually found?
Large cities
small cities that avoid change
Large Countries who love technology
Small cities that love change
6
Economic system that relies on habit, custom or ritual
Free Market
Mixed
Control
Traditional
7
Economic system in which the government makes all decisions
American
Laissez-faire
Centrally planned economy
Traditional
8
Which of the following might a government provide as part of a safety net for citizens?
unemployment compensation
a strong military defense
general elections every 4 years
regulation of commerce
9
A town votes to raise taxes to renovate a school - what goal best describes this decision?
growth
freedom
equity
efficiency
10
Amount of money a business receives in excess of its expenses
Privatization
Incentive
Profit
Safety Net
11
The US econ is a mixed economy based on...
centrally planned econ
traditional economy
free market with no gov't intervention
free market but some government intervention
12
In what kind of an economy does the government make all the decisions?
Laissez-faire
free enterprise
mixed
centrally planned
13
Which of the following describes the Chinese economy?
centrally planned
mixed, but on the side of centrally planned
mixed, but on the side of the free market
free market
14
What "invisible hand" regulates the free market economy?
competition and self-interest
incentive & efficiency
specialization
competition between firms
15
Which of the following is a characteristic of a traditional economy?
it is based on industrial production
It revolves around the family
It has a high standard of living
it encourages innovation and change
16
How can specialization benefit an economy?
it leads to competition
It stops unemployment
it makes labor easier to control
It makes production more efficient
