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Unit 1 Thinking like an Economist Flashcards | StudBud
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Unit 1 Thinking like an Economist
Unit 1 Thinking like an Economist
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StudBud Administration
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Economic Systems
Flashcards
25 cards
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Questions
25
Answers
1
The Great Leap Forward was successful
True
False
2
If the company can make more money selling product B, what which point should they produce?
Point B
Point A
Point X
Point C
3
Neverland has a centrally planned economy where everyone collectively owns the property and resources.
It is a free market economy.
It is a mixed economy.
It is a traditional economy.
It is a command economy.
4
At which point on the PPC is not currently possible to produce?
Point B
Point A
Point X
Point Y
5
How was Marx's view of communism different than what exists today?
in the vision, property would collectively belong to the people
in the vision, no economic system would be needed
Currently, people share power with the government
currently, people live in a classless, agricultural society
6
What was GOSPLAN?
Middle-class peasants
State planning group that set targets for all industries
An honour awarded to mothers of large families
A limited portion or allowance of food or goods
7
Why was the European Union created?
So the countries would wreak damage on each other
So the countries wouldn't wreak damage on each other
So the countries will get more power
So the leaders could meet and talk
8
In a true free market economy, what would occur?
safety regulation would offer consumer protections
successful producers would be given tax breaks
access to natural resources would be uncontrolled
workers would obtain fair wages by law
9
Utopia's government owns all of the industries, but people are still able to have private property.
It is a free market economy.
It is a laissez-faire economy.
It is a socialist economy.
It is a command economy.
10
Which is one predicted result of a
laissez-faire
system?
government has little involvement in business
more government involvement in business
better workplace conditions for workers
unlimited supply of consumer products
11
The law of increasing opportunity costs exists because ______________.
resources are not scarce.
resources can be easily moved from one industry to another.
resources are scarce.
people never have to make decisions.
12
What are the four factors of production?
producers, consumers, distributors, entrepreneurs
free enterprise, command economy, socialist economy, mixed economy
labor, land, taxes, entrepreneurship
labor, land, capital, entrepreneurship
13
Efficiency along the PPC implies ___________.
goods are produced quickly.
goods are equally distributed.
the state of technology is maximized.
to get more of a good, something else must be given up.
14
What was the Great Leap Forward?
Attempt to bring agricultural production under gov. control
First Ever Daylight Savings
Genetic Drift
Attempt to increase industrial output of China
15
Which term indicates ownership by an individual or business?
state-controlled
private property
collective control
collective property
16
What is the main goal of a mixed economy?
to promote individual and social rights
to gain private property
to ensure fairness in business
to get rid of high taxation
17
At which point on the PPC would represent underutilization use of resources?
Point A
Point B
Point Y
Point X
18
At which point on the PPC would represent an efficient use of resources?
Point X
Point B
Points A, B., C
Point A
19
Which of these is a characteristic of a command economy?
natural resource extraction is controlled by the states
consumers can buy whatever goods they want
unions ensure fair treatment of workers
the proletariat produces goods that improve the economy
20
What is the term for ownership of the means of production by all members of a group?
private property
collective ownership
21
What is a keiretsu?
None of the above.
Large families of interrelated companies.
Individuals working together.
One large family monopoly.
22
Albion has no government regulation of industries and uncontrolled access to resources.
It is a mixed economy.
It is a command economy.
It is a socialist economy.
It is a free enterprise economy.
23
Three basic types of economic systems are:
what to produce, how to produce, who will receive the goods and services
free market, natural resources, labor
traditional economy, command economy, market economy
individual rights, state rights, mixed rights
24
How do the goals of socialism and capitalism differ?
capitalism stresses private ownership of businesses
capitalism stresses government regulation
socialism stresses choice
socialism stresses individual rights
25
Which is a socialist aspect of the American mixed economy?
education through high school is free
American-made goods can be sold in all 50 states
private health insurance marketplace
consumers can decide to buy wind energy from power company
