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Comparing Economic Systems 2021 Flashcards | StudBud
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Comparing Economic Systems 2021
Comparing Economic Systems 2021
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Introduction to the basics of economics and systems
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
Which of the following philosophers recommended the free market
Friedrich Engels
Karl Marx
Vladimir Lenin
Adam Smith
2
In a command economy, the government regulates how goods and services are distributed.
True
False
3
Why does the government protect inventors and authors by offering them patents and copyrights?
to regulate the business cycle
to encourage free trade
to promote innovation
to strengthen American culture
4
The United States economy is a mixed economy
traditional economy with some government intervention
free market with some government intervention
centrally planned with no government intervention
free market with no government intervention
5
Competition is a driving force in a free enterprise economy.
True
False
6
Which of the following is considered a "cash transfer"
food stamps
grants
unemployment compensation
section 8
7
Roads and bridges are examples of how government provides
grants
public goods
in kind benefits
market failure
8
What is one way the government might try to promote economic growth?
produce more goods
reduce prices
increase spending
raise taxes
9
What is one of the most important principles of economics?
money
scarcity
distribution
globalization
10
What is one way the Constitution protects the free enterprise system?
It establishes the principle of voluntary exchange.
It recognizes private property rights.
It prevents the government from making contracts.
It spells out the rights of consumers.
11
Solar power and wind power are examples of what kind of resources?
labor
renewable
capital
nonrenewable
12
Traditional economies are usually
receptive to innovation
avoiding of change
13
Which are the government’s three goals for promoting economic strength?
low unemployment, low prices, and low taxes
high employment, increased spending, and low taxes
high employment, steady growth, and stability
steady growth, high prices, and innovation
14
The ________ system is another name for a market economy.
Socialist
Command
Centrally Planned
Free Enterprise
15
How is the economic system in China today different from the one in Soviet Russia?
The Chinese government allows far more economic freedom.
The Chinese government is socialist, rather than communist.
The Chinese government owns firms in major industries.
The Chinese government is not authoritarian.
16
Social Security withheld from your paycheck is for
401K retirement account
cash transfers for those hurt on the job
health insurance for the elderly and poor
cash transfers for the elderly and poor
17
What is the government’s role in controlling externalities in the American economy?
encourage all externalities to increase competition
encourage positive and limit negative externalities
limit all externalities to stop market failures.
limit positive and encourage negative externalities.
18
To improve its standard of living, a nation’s economy must
allow the government to make decisions
grow through innovation
remain stable
reach economic equity
19
In a free enterprise system, who decides what will be produced?
government
firms
producers
consumer
20
How will consumers react to the incentive of a higher price on a good or service?
remain stable
positive, buy more products
negative, buy more products
negative, buy less products
21
Which is a positive externality of a new high school?
more noise in the neighborhood
student purchases at nearby stores
more traffic on the roads
a raise in property taxes
22
A person who believes that wealth should be evenly distributed throughout society is
an entrepreneur.
a communist.
a capitalist.
a socialist.
