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Economics Quiz Flashcards | StudBud
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Economics Quiz
Economics Quiz
20 terms
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For Social Studies Final
Flashcards
20 cards
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Questions
20
Answers
1
15. Despite technology becoming more advance, Traditional economies are not affected by this and continue to do well
False
True
2
17. The goal of every economic system is to:
None of the above
Create a standard of living
Create Wealth
Create a Division of Labour
3
19. Communist systems benefit from an authoritarian government as it gets people to obey the person in power.
True
False
4
11. Which of the following would best measure the change in the value of goods/services
Gini Index
Inflation Rate
Purchasing Power
Labour Productivity
5
4. To stop people from speeding, the government doubles the fine. What kind of incentive is this?
Negative
Positive
6
18. Gross domestic product is equal to which of the following?
The total value of goods and services produced in the country in one year
The Standard of Living in a country.
The Government regulation, property rights, and government spending.
Distribution of wealth among institutions that produce goods and services
7
12. What is competition good for? Select all that apply.
Creates a diversity of products
None of the above
Causes a lot of chaos among companies
Makes the cost of items cheaper
8
10. The government shouldn't interfere with the market. What term does this describe?
Market
Command Economy
Laissez-faire économies
Communism
9
2. What’s a disadvantage of Traditional Economies?
all of the above
no dispute over gender roles
resist change, stick to old ways
no limitations
10
16. What is Adam Smith's “Invisible hand referring to?
Consumer doesn't have tons of freedom and is led to act a certain way
You act in self-interest but promote the self-interest of others as well
Adam Smith talks about a visible hand which is seen in traditional economy
It's about command economies and the power the government has over citizens
11
7. What’s a disadvantage of Traditional Economies?
resist change, stick to old ways
no dispute over gender roles
no limitations
all of the above
12
13. 3 characteristics of a free market economy are private property, government involvement, and voluntary exchange.
False
True
13
8. What should be produced in a Free Market Economy?
Whatever can be made
What the ultra-rich want
What the consumer wants
What the government wants
14
9. What is an advantage of a Command Economy?
Little disagreement over economic goods
All of the above
No private ownership of property
Stable control
15
3. From which of these is the negative incentive?
Students who fail to turn in their assignments get a detention
In a command economy, everyone is equal.
Prison time is taken off for inmates who act in a respectful manner.
Allowance is given to a child for doing his chores
16
1. What are the four factors of production?
command, free market, traditional, mixed command
command, free traditional, mixed market
command, free market, traditional, mixed market
communist, free market, traditional, mixed market
17
14. Mr. Caron consumes a protein shake after going to the gym, this is an example of?
Good
Incentive
Preference
Service
18
6. What are the 4 Economic Systems?
command, free traditional, mixed market
command, free market, traditional, mixed market
command, free market, traditional, mixed martial
command, free market, traditional, mixed command
19
20. Specialization occurs in which economy
Economic
Mixed market
traditional
Free Market
20
5. A carpenter uses a saw to fashion his wood. What factor of production is this an example of?
Land
Labour
Entrepreneurship
Capital
