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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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#econ
Flashcards
31 cards
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Questions
31
Answers
1
Who was Thomas Jefferson's biggest influence?
Machiavelli
Rousseau
Locke
Voltaire
2
Which does socialism try to guarantee for its people?
Equity
Equality
3
Traditional economies are highly effective
True
False
4
The Government owns and controls SOME resources and businesses
Capitalism
Communism
Socialism
Traditional
5
What were the Federalists trying to convince the states to do?
Not approve the Constitution
Read their book
Ratify the Constitution
Fix the Articles of Confederation
6
Consumers and Producers control the economy
Capitalism
Traditional
Communism
Socialism
7
You do what you're good at
Consumer Sovereignty
Specialization
Laissez Faire
Voluntary exchange
8
What effect does competition have on prices?
It keeps them fair
It keeps them high
It keeps them low
It keeps them balanced
9
Economic System based on customs
Capitalism
Socialism
Traditional
Communism
10
How old must a U.S. Representative be?
20
25
30
35
11
What does equity mean?
Equality
Everyone has the same amount
Fairness
12
What type of citizen is a person that is born in the United States?
Naturalized
Immigrant Born
Native Born
Natural Born
13
The government should stay out of businesses
Laissez Faire
Private Property
Consumer Sovereignty
Voluntary Exchange
14
What is the United State's main economic system?
Socialism
Traditional
Capitalism
Communism
15
The Government owns ALL resources and businesses
Capitalism
Traditional
Socialism
Communism
16
Which does capitalism try to guarantee for its people?
Equity
Equality
17
A command economy cares about what you want
False
True
18
The government controls all aspects of citizens lives
Socialism
Communism
19
What does a command economy guarantee?
A Job
Clothing
Food
Housing
20
Which is an example of the Unwritten Constitution?
The First Article
The Preamble
The President's Cabinet
The Bill of Rights
21
Type of economic system where the Government makes all decisions.
Market
Mixed
Command
Traditional
22
Why was Czechoslovakia worried about changing to a market economy?
Command Guaranteed Food
Command Guaranteed Jobs
Command Guaranteed Housing
All the other ones
23
What type of economy does the United States actually have?
Free Enterprise
Market
Capitalism
Mixed
24
Life, Liberty, and Property are all examples of:
Noble Rights
Birth Rights
King's Rights
Natural Rights
25
We control the market
Laissez Faire
Private Property
Consumer Sovereignty
Voluntary Exchange
26
Which amendment protects our freedom of speech?
2nd
5th
1st
16th
27
High levels of productivity lead to high...
Standard of Living
Prices
Demand
28
We own our stuff:
Laissez Faire
Voluntary Exchange
Private property
Consumer Sovereignty
29
Has a King, and an elected leader
Absolute Monarchy
Republic
Dictatorship
Constitutional Monarchy
30
People are motivated in a market economy by the opportunity to make a...
Purchase
Difference
Profit
Product
31
Which is a weakness of the command economy?
Guaranteed Jobs
No Risks
Little Productivity
High Standard of Living
