Econ Fundamentals & Systems (CH.1&2)

Which of the following might be an advantage ofcommand economies?

What was Karl Marx's criticism of capitalist economics?

An economy that combines free market activity with some government involvement in the market

The ways that  factors of production are combined determines the answer to which econ question?

In a free-market economy, who decides who consumes the goods and services produced?

Which economic goal is a command economy LEAST effective at achieving?

Each society should answer the three basic economic questions based on:

The income people receive for providing firms with the land,labor, and capital.

A key difference between North Korea and China is that:

The selling of government-run firms, which are then allowed to compete in the market

Which of the following is the kind of decision that can be made on the margin?

Markets exist because:

What must happen to shift production from point A to point C?

In the product market, what do firms sell in exchange for money?

China represents a __ as it's moving from a command economy towards a more free market approach

Which is NOT a question that every economy must answer?

According to Adam Smith, what "invisible hand" regulates the free-market economy?

If I spend an additional hour studying for a test to improve from a C to a B, the marginal cost

At what point on this curve is the economy operating least efficiently?

The use of resources in such a way that maximizes the output of goods and services

The process of transfering governmental control of economic resources to private ownership

A socialist society has a more flexible command economy than a communist society because:

_____ limits the supply of the factors of production.

Caterpillar makes the tractors that farmers need to make food.  Thus, Caterpillar makes:

In a free-market economy, who owns the factors of production?

Human capitial refers to:

Which of the following is an example of changing physical capital?

All economies are in reality ____________ economies.

To improve its standard of living, a nation's economy must

In the factor market, who sells the factors of production for money?

The law of increasing cost states that as production shifts from one item to another:

If you choose between two summer jobs, the one you do not choose is called:

The idea that our society has decided that police officers will be employed by the government:

Markets exist primarily because

The U.S. government intervenes in the economy in order to:

5th & 14th Amendments protect individual citizen's _____, which makes a free-market possible

Concentration of productive efforts of people and businesses on a limited number of activites

The ways that  factors of production are combined determines the answer to which econ question?

Economic system where the economic forces of self-interest and competition almost non-existent

___ is a major goal of socialist economies, while ___ is a major goal of capitalist economies