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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
20 terms
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StudBud Administration
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#economics
Flashcards
20 cards
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Questions
20
Answers
1
What might be a hardship for a person transitioning from a command to a market economy?
Losing guaranteed income.
Having worse product choices.
Being able to start a business.
Having better product choices.
2
The safety net program that provides federal dollars to states for "welfare" type programs is
In-Kind Benefits
TANF
Medicaid
Social Security
3
The method used by a society to produce and distribute goods and services is called:
socialism
profit
economic system
safety net
4
Which country is the closest to a truly centrally planned economy?
Cuba
North Korea
South Korea
China
5
Georgia Power builds a new power plant and it spews pollution. This is considered...
an abuse of corporate expansion
an unexpected externality
a negative externality
an unfortunate market result
6
Which of the following is not one of the basic economic questions answered by a country?
How will people get the money to pay for what is produced?
What will be produced?
Who will get what is produced?
How will things be produced?
7
The economic system of the United States is most closely related to which of the following?
supply and demand
centrally planned
traditional
market
8
If I drive on roads built by Alabama's taxpayers, but I live in Georgia, I'm a...
Free wheeler
Free Rider
Law breaker
Low rider
9
What is it called when the market cannot efficiently provide a good or service?
Market Shortfall
Public good
Market Failure
Public Failure
10
What is the main reason the government implements regulations in a market economy?
To help consumers save money instead of spend it
To limit our choices
To keep consumers safe
To make it difficult for businesses to make a profit
11
Money a business earns after expenses is called:
factor cost
incentive
profit
opportunity cost
12
Which of the following best describes a market economy?
The government provides food and housing to all workers
The government provides services, like phones and TV
a person can start any legal business and charge any price
National businesses, like airlines, are government owned
13
All of the following are found in a market economy EXCEPT...
voluntary exchange
competition
government price controls
profit motive
14
A government program that protects people facing unfavorable economic conditions:
economic system
safety net
economic equality
profit
15
The economic system of communist countries is most closely related to which of the following?
supply and demand
market
centrally planned
traditional
16
Patents and copyrights are designed to protect
consumer safety.
business profits.
business efficiency.
ownership of ideas.
17
Which of the following is a goal of a free market economy?
Growth
Freedom
Efficiency
All of the above
18
Who steps in to provide a good or service when the market does not provide them efficiently?
Foreign countries
The government
Local citizens
Large corporations
19
What is a mixed economy?
a communist economy
an economy that needs more government intervention
an economy that with lots of different races of people
an economy combining some market & some gov't regulation
20
Concentrating on one activity is known as:
laissez faire
safety net
specilization
consumer soverignty
