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BUS 1. Ch 2 Flashcards | StudBud
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BUS 1. Ch 2
BUS 1. Ch 2
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Economics and the Types of Economic Systems
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
_____________ refers to a general rise in the price level of goods and services over time.
Inflation
Acceleration
Escalation
Recession
2
The foundation of the U.S. economic system is based on:
capitalism.
equality.
"from each according to ability, to each according to need."
the ideas of Thomas Malthus.
3
A major benefit of socialism is the:
ability to keep taxes low.
emphasis on social equality.
ability to stimulate rapid economic growth.
emphasis on private enterprise instead of public ownership.
4
When the government runs a continual budget deficit, it increases the:
Federal capital account.
National debt.
Money supply.
Balance of payments deficit.
5
The four basic types of unemployment are frictional, structural, seasonal, and:
traditional.
procedural.
industrial.
cyclical.
6
Today, the economic systems of most nations could most accurately be classified as:
command economies.
pure capitalism.
mixed economies.
pure socialism.
7
Fiscal policy involves increases or decreases in:
the money supply.
interest rates.
exports and imports.
government spending and taxes.
8
A key to economic growth and development is to:
allow government planning to guide allocation of resources.
locate more deposits of gold and other precious metals.
provide people with better education.
emphasize a fair and equitable distribution of income.
9
A __________ is a very severe recession that is usually accompanied by deflation.
dissolution
depression
stagflation
retraction
10
__________ exists when the entire supply of a good is controlled by a single seller.
Pure Capitalism
A monopoly
Oligopoly
Perfect competition
