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Economics Unit 2 Subunit 1: Economic Systems Flashcards | StudBud
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Economics Unit 2 Subunit 1: Economic Systems
Economics Unit 2 Subunit 1: Economic Systems
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Flashcards
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Questions
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Answers
1
Self-regulation in the free market capitalist economy is known as...
the invisible hand
the wave
the guiding light
the disciplined investor
2
The WIC program is an example of...
Free market capitalism
A mixed market economy
Communism
Charity
3
What is one advantage of a free market system?
No unemployment
Efficient economic decisions
Low prices for everything
Equal social services everywhere
4
Who is the most famous writer on socialism and communism?
Adam Smith
Frederich Hayek
John M. Keynes
Karl Marx
5
Which of the following IS NOT a disadvantage of a pure free market capitalist system?
Economic decisions are slow and inefficient
Some people lack their basic needs
Large gaps between rich and poor
Rich people may dominate the government
6
In a socialist system, all large businesses and farms are run...
according to religious law
by individuals
in order to make a profit
for the good of society
7
An economic system with no government intervention is known as ...
laissez faire
je ne sais qois
roulette
bon temps
8
What do firms (businesses) buy in the factor market?
Labor
Electricity
Advertising
Political power
9
Which of the following corporations is run under socialist principles?
Google
Verizon
Amazon
Tennessee Valley Authority
10
Which nation has a free market economic system?
Finland
France
Singapore
Poland
11
What do households buy in the product market?
Goods and services
Land
Labor
Capital
12
In what economic system are decisions made entirely through supply and demand?
Communism
Mixed market
Socialism
Free market capitalism
13
Which of the following IS NOT a characteristic of communist nations?
Government makes all economic decisions
Government tries to provide all basic needs
Not many choices in consumer goods
Many parties in government
14
North Korea has which of the following economic systems?
Socialism
Communism
Mixed Market
Free market capitalism
15
Which of the following is a disadvantage of communism?
Big wealth gaps between poor and rich
No government input in the economy
Factory owners can dominate politics
Very little personal freedom
16
In a communist system, who owns all land and capital?
Individuals
Corporations
The government
Unions
17
Under which economic system do people have the least freedom?
Socialism
Free market capitalism
Mixed market
Communism
18
Which of the following nations has a socialist economy?
Sweden
Japan
Mexico
Canada
19
Which of the following does the government attempt to do in a mixed market economy?
Ban all competing political parties
Provide basic needs for the very poor
Control the prices of food
Tell factories what to make
20
The USA has which sort of economic system?
Mixed market
Free market capitalism
Socialism
Communism
