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Chapter 2 Economic Systems Flashcards | StudBud
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Chapter 2 Economic Systems
Chapter 2 Economic Systems
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1
The highdegree of freedom in a market system is illustrated by the fact that _________.
individualsare told when and where to work
producersmay make whatever they think will sell
producersmake their products only in tried and true ways
consumersbuy the goods and services they are told to buy
2
Which of the following correctly describes a traditional economy?
Buyersand sellers decide what to produce.
central authority decides what goods and services to produce
TheU.S. is an example of a traditional economy.
economic questions are answered by on ritual, habit , custom
3
Highrates of inflation tend to ______.
increaseinterest rates
stimulatebusiness activity
decreaseprices
makebudgeting easier
4
The government has the greatest degree of involvement in which of the following?
marketeconomy
traditionaleconomy
laissez-faireeconomy
commandeconomy
5
Whichof the following is NOT one of the broad economic and social goals of theUnited States?
economicequality
economicefficiency
economicfreedom
economicsecurity
