Economic System Flashcards

1

Which is NOT a public good?

national defense
parks
roads
all restaurants

2

Anything that a person does to improve the abilities to do a job is called

Production
Human Capital
Labor
Opportunity Cost

3

Output achieved from a given amount of inputs is

opportunity cost
productivity
capital goods
labor

4

What does FAA stand for?

Future American Association
Federal Aviation Administration
Future Association of Animals
Farmers of America Association

5

What are the 3 basic economic questions?

How? What? For Whom?
When? Where? Why?
Why? Who cares? Don't know
What? When? For Whom?

6

Which is an example of communism?

Canada
Great Britain
United States
North Korea

7

What makes decisions in a market economy?

indiviuals
supply and demand
government
tradition

8

Who owns MOST of the property in a capitalistic country?

society as a whole
nobody
individuals
government

9

Investing in human capital promotes economic growth

True
False

10

What exists when some of the cost associated with the production of a product "spill over"?

demand
supply
nothing
externalities

11

What is an advantage of deregulation?

all of the above
lower prices
more competition
better quality

12

Who is Karl Marx?

Father of Capitalism
Father of Communism
A king
Leader of North Korea

13

What type of system does United States have?

traditional
market
command
mixed

14

Who came up with the idea of the "invisible hand?"

Adam Smith
Adam Sandler
Peter Pan
John Smith

15

How many economic goals are there?

Unlimited
6
Zero
12

16

Which is NOT a pure economic system?

Capitalism
Traditional
Market
Command

17

Which is a rational choice?

MB>MC
Not such thing
All choices are rational
MB<MC

Economic System

Questions 17

Economic System

Questions 17