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Crash Course Econ #3 Economic Systems and Macroeconomics Flashcards | StudBud
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Crash Course Econ #3 Economic Systems and Macroeconomics
Crash Course Econ #3 Economic Systems and Macroeconomics
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Crash Course Econ #3
Flashcards
11 cards
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Questions
11
Answers
1
Most economies in the world today can be labeled .....?
command economy
economic economy
free market economy
mixed economy
2
What are the two primary ways the government gets the money it spends?
borrowing and loaning
taxes and borrowing
taxes and military
taxes and sales
3
Who controls the factors of production in a planned economy?
capitalists
government
church
voters
4
How did Karl Marx sum up the theory of communism?
Abide by the communist law
Abolition of alcohol
Abhorrence of private parts
Abolition of private property
5
In a free market economy, why do businesses produce a certain good?
to help society
government requirements
to make money
to be busy
6
In a free market economy, who owns the factors of production?
individuals
corporations
churches
governments
7
Who are the three big players in the circular flow model of an economy?
Individuals, businesses, and the church
Corporations, businesses, and thegovernment
Individuals, businesses, and thegovernment
Individuals, churches, and thegovernment
8
What do mixed economies appear to be better at handling?
The circular flow of economic activity
Therectangular flow of economic activity
The circular flow of water
The circular flow of political activity
9
Which of these things did Karl Marx NOT identify as the “factors of production”?
capital
labor
machines
land
10
How many countries in world history have ever truly been communist?
six
eight
thirteen
none
11
If an economy is completely controlled by the government it is referred to as
Canada
a free market economy
a mixed economy
a command economy
