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Economic Systems & Broad Economic Goals Flashcards | StudBud
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Economic Systems & Broad Economic Goals
Economic Systems & Broad Economic Goals
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1
Which type of economy is most prevalent in the world today?
traditional
mixed
command
market
2
Which of the following statements best describes the economic theories of Adam Smith?
Public & private entities share responsibility answering economic questions
The church & similar public institutions answer most economic questions.
Government answers most economic questions for citizens and corporations.
Private individuals & businesses answer most economic questions themselves.
3
Which of these is an accurate statement about mixed economies today?
Very few economies today can beaccurately described as “mixed.”
There are more mixed economies in theworld than any other kind.
Most nations that once had a mixed economy have evolved into command econ.
Mixed economies exist mostly innations with communist governments.
4
Based on the map, which continent has the largest are with a low Human Development Index?
South America
Africa
North America
Asia
5
Which of the following describes the U.S. economy?
Mixed, free market - driven
Primarily traditional
Mixed, Command - driven
Command-based
6
Economic equity means that it is illegal to discriminate on the basis of age, sex, race, religion, or
disability.
status.
political views.
income.
7
Inflation causes people to
take more time off work.
work more to pay for basicnecessities.
work the same hours for the same pay.
spend less for the same amount of goods and services.
8
Which of the following is currently considered one of the major economic and social goals in the United States?
Freedom
preserving endangered species
conservation
clean environment
9
Which of these are considered broad economic goals?
Security, justification, equality
Freedom, equity, growth
Dependability, equity, efficiency
Reliability, honesty, freedom
10
A general rise in the level of prices over time is known as
inflation.
profit.
voluntary exchange.
a catalyst.
11
In which type of economy does the government decide all or most economic questions?
Traditional
Mixed
Market
Command
12
Protection from layoffs, illnesses, injuries or disabilities falls under the goal of
economic equity.
economic security
economic growth.
economic efficiency.
13
The economic system of the United States is considered a
command economy.
sociialists economy.
traditional economy.
free market - mixed economy.
14
How is the ability to choose one's career related to a nation's broad economic goals?
It illustrates entrepreneurship.
It demonstrates ingenuity.
It shows individual power.
It reflects individual freedom.
15
Consumers in a free market - mixed economy ultimately determine ________ to produce.
what
when
how
where
16
Which of these helps explain why mixed economies develop?
Government control of an economy tendsto make a nation more prosperous.
People become unhappy with aspects oftheir current economy.
People are seldom exposed to the ideasand technologies of other cultures.
Government control of economy leads todiversity of economic approaches.
17
Which of the following statements most clearly aligns with the economic theories of Karl Marx?
Businesses are regulated to prevent socioeconomic collapse.
Government manages the economy to prevent economic inequality.
Profit drives both economic growth and economic equality.
Free-market forces ensure a healthy and efficient economy.
18
Which of the following is a feature of a command economy?
Some degree of private ownership and activity is allowed.
All economic decisions are based on custom and habit.
All economic decisions are made by the free market
All production is managed by the government.
19
Which of the following statements is true of a traditional economy?
People produce a variety of goods for local, regional, and global trade.
People produce and consume only the goods they need.
People produce goods to make a profit.
People produce goods according to the dictate of government.
20
What is one of the benefits related to economic equity?
receiving equal pay for equal work
conserving resources
unemployment compensation programs
living on a fixed income
21
Sam and Robin want to start a business. In a market economy, how might they determine what to produce?
Ask local officials and heads of families
Check recent regulatory laws
Survey potential consumers
Write to a government committee
22
How are economic transactions shaped in a traditional economy?
Individuals buy, sell and trade as they choose.
Each community decides as a group forwhom the group will produce.
Elders and ancestors make certain thatthings are done in specific ways.
The three key questions of production do not arise in this type of economy.
23
Which of these is a major advantage of a free market economy?
There is a high degree of individualfreedom.
It can change direction rapidly asneeded when markets change.
People are likely to be offered goodsand services they cannot afford.
There is efficient government controlof production and distribution.
