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Economic Terms Review (Focus: Comparative Advantage and Communism) Flashcards | StudBud
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Economic Terms Review (Focus: Comparative Advantage and Communism)
Economic Terms Review (Focus: Comparative Advantage and Communism)
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#capitalism #communism
Flashcards
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Questions
27
Answers
1
Who has the comparative advantage in producing food?
Neither
Country A
Both
Country B
2
Comparative Advantage is used to...
to reduce efficiency
maximize efficiency
raise prices
to gain a monopoly
3
Offers the greatest amount of choice to the consumer -
communism
capitalism
4
Community owns resources and means of production.
capitalism
communism
5
What is globalization?
The independence of the international economy
A phenomenon of increased economic integration among nations
Increased emigration in Asia and Europe
A global tactic used to create unfavorable balances in trade
6
How are most examples of infrastructure funded?
car sales
fundraisers
retail purchases
tax dollars
7
All of the following are examples of private owners except -
Government
Sole proprietor
A small grocery store owner
An individual owns his house
8
Which country has the comparative advantage in coconuts?
Neither
Not enough information
Country B
Country A
9
Profits are owned by the community/government.
communism
capitalism
10
What is Opportunity Cost?
What you recieved
What happened in the past
What you gave up
What you are going to get
11
Private or corporate ownership of production and distribution are characteristics of -
Communism
Socialism
Capitalism
Liberalism
12
Abolishes private property
capitalism
communism
13
Profits are owned by a person or business.
capitalism
communism
14
What is infrastructure?
The basic systems of the human body
The basic systems of a society
Mr. Pickles
The basic systems of economy
15
When businesses can compete, it leads to _____ prices.
skyrocketing
higher
steady
lower
16
Capitalism is to private ownership as communism is to -
self-determination
supply and demand
laissez-faire
state control
17
Society before individual freedom
communism
capitalism
18
All of the following are examples of community except -
the city where your doctor practices.
the town you live in.
the United States government.
the grocery store where you shop.
19
What system has private ownership and government control of private land is limited?
economic growth
command system
socialist system
market system
20
Working harder rarely gives a greater reward.
communism
capitalism
21
Consumer choices when buying products determine the _____ provided by the manufacturer.
supply
revenue
income
taxes
22
Why does comparative advantage exist?
each nation can produce equally
a nation can produce at a lower opportunity cost
each nation has an equal cost
a nation can produce at a higher opportunity cost
23
Communism is also considered a _____ economy.
traditional
command
market
mixed
24
What
assumption
is a comparative advantage based on?
Everyone must be employed to boost the economy
Everyone must export to other nations to improve
Everyone's better off when they retire early
Everyone's better off specializing in what they product best
25
Little choice in education or your profession.
Communism
Capitalism
26
Capitalism is also considered a _____ economy.
market
cave man
traditional
command
27
Government makes all business decisions in the economy.
capitalism
communism
