Economic Systems

Norway and China are examples of which type of economic system?

Competition is the key to capitalism

All countries with a mixed economy practice democracy.

Constant inflation leads to which goal not being reached?

Limited private property rights is a disadvantage.

Social security, Medicare and workers' comp all help fulfill which goal?

Using factors of production wisely and not wasting resources describes which economic goal?

Too old, too young, too sick may not be protected

Needs of the nation supercede wants and needs of the consumer

Which of the following is not an economic system?

"The customer is always right" reflects which power?

The people answer the three basic economic questions through their actions.

New ideas are discouraged and economic stagnation are disadvantages.

Customer satisfaction is one the advantages.

What describes the incentive that encourages organizations to improve their material well-being

A central authority answers the three basic economic questions.

Roles are determined by existing customs.

North Korea, Cuba and the former Soviet Union are examples of which economic system?

What is another name for a mixed economy?

Which of the following is not one of the roles of the government in the economy?

Survival of the fittest

Health and public services are available to everyone at little to no costs

According to Marx, what is the inevitable end result of pure capitalism?

Which of the following is not a characteristic of capitalism?

South Korea, Australia and Great Britain are examples of which economic system?

Employers, business owners and consumers making their own economic decisions illustrates:

An increase in a nation's population makes which goal necessary?

Eliminating discrimination in the workplace helps fulfill which goal?

No government involvement

Drastic change can occur rapidly if the central authority decides it is needed