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Chapter 2 Flashcards | StudBud
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Chapter 2
Chapter 2
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StudBud Administration
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An Economics quiz to summarize chapter 2.
Flashcards
15 cards
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Questions
15
Answers
1
Capitalism is the same as a Market Economy.
True
False
2
What is pictured in the circular flow of economic activity model?
Income flowing continuously between businesses and consumers
Income flowing in and out of market systems
Exports going to different countries overseas
None of the above
3
What is the money left after all the costs of productions have been paid called?
Income
Proceeds
Profit
Profit incentive
4
Competition is the rivalry among producers of similar products to win less business.
True
False
5
Which of the following BEST explains the U.S. Economic System?
Traditional
Market
Command
Mixed
6
What characteristic of the American economy has a "hands off" approach when it comes to gov.?
Private property
Profit
Competition
Laissez-faire
7
Which of the following are not one of the 3 basic questions of economic systems?
How should it be produced?
What should be produced?
Who should it be produced for?
Why should it be produced?
8
Which of the following is not a goal of free enterprise?
Economic Efficiency
Economic Freedom
Economic Choices
Economic Equity
9
Using your resources wisely is an example of which goal of free enterprise?
None of the above
Economic Freedom
Economic Equity
Economic Efficiency
10
Which of the following economic systems are based on customs and beliefs?
Traditional Economy
Command Economy
Mixed Economy
Market Economy
11
Which of the following terms mean the desire to make money?
Laissez-faire
Profit
Profit Margin
Profit Incentive
12
What is the term for voluntary exchange of goods and services between buyers and sellers?
Competition
Market
Economic system
Capitalism
13
The Amish is an example of which type of economic system?
Market
Command
Traditional
Mixed
14
What is the material well-being of an individual, group, or nation?
Standard of living
Economic Growth
Trade-offs
Economic Stability
15
Which of the following is an example of a command economy?
The United States
The United Kingdom
Moldova
North Korea
