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Economic Systems
Economic Systems
30 terms
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StudBud Administration
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Economic systems review
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Price changes in a Market economy help to answer what economic question?
How to produce
What to produce
When to produce
For whom to produce
2
Which
will not
be a problem for nations moving from command to market economies?
Inflation
Less Economic security
More choices
Higher levels of unemployment
3
Getting the most at the lowest cost is...
Security
Stability
Growth
Efficiency
4
Rising prices in economics.
Supply
Inflation
demand
deflation
5
Nations having well educated population will be strong in which factor of production?
Land
Entrepreneurship
physical Capital
Labor
6
Getting more stuff in the future is the main concern of which social goal?
Growth
Freedom
Stability
Markets
7
When nations have a command economies they will tend to produce everything in private companies for personal profit.
True
False
8
"Fairness" is associated with which social goal.
Freedom
Equity
Stability
Growth
9
The United States has a _________ economy.
Mixed
Market
Command
Traditional
10
Price inflation (RISING) is the main concern of which social goal?
Stability
Freedom
Security
Equity
11
Which is
NOT
a priority in a Command economy?
Stability
Equity
Growth
Security
12
In the video we watched about Cuba what was the government doing to improve the shortages?
guarenteeing everyone a job
Raising prices
Paying high wages
shifting to market structures with private licenses.
13
Which does not occur in Command economies
prices change faster
Quality of products is lower
Variety of products is lower
unemployment is lower
14
Some decisions in our nation are based on security and others based on freedom, because we have what economic system?
Mixed
Market
Traditional
Command
15
Laws requiring people to make specific decisions are examples of what kind of decisions
Traditional
Political
Command
Market
16
Religion is usually associated with what type of economic system?
Traditional
Command
Theocracy
Market
17
Which of the following is used in a market economy to answer economic questions?
all of the above
Supply/producers
Demand/consumers
Price
18
What, How, and for whom things are ________ are the questions that all economies must answer.
produced
Consumed
Incentives
Privitized
19
Which of the following measures the value of all goods produced in a nation?
GDP
Stock market
Inflation
Unemployment
20
The number of people a country has will most influence which Factor of Production.
Entrepreneurship
Capital
Land
Labor
21
Standard of living will most likely be highest in nations that have what main economic system?
Traditional
Market
Command
22
The idea of giving a subsidy for school lunches to help the health of low income families is to encourage...
Economic Equity
Economic Growth
Economic Stability
Economic Freedom
23
The economic problem that all economies must solve is the problem of...
Equity
Scarcity
Trade-offs
Incentives
24
People who worry about risk are most concerned with...
Security
Freedom
Equity
Stability
25
If a person has personal wealth which goal will he be least likely to focus on?
Equity
Freedom
Growth
Efficiency
26
When a man decides to buy a ring for engagement this is a _____ decision.
Silly
Command
Traditional
Market
27
When making a choice this is your next best alternative.
scarcity
Trade-off
Opportunity cost
inflation
28
During crisis like times of war even democratic governments tend to focus on which social goal?
Security
efficiency
growth
Freedom
29
Command Economies Usually dominate in nations with which type of government?
Republics
Communist
Authoritarian
Democracy
30
In a pure command economy who decides what job you will have?
The government
Supply & Demand
Skill level
profit motive
