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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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Questions
16
Answers
1
Having many choices is typical of which economic system?
command
market
traditional
barter
2
What are advantages of a Traditional Economy?
Everybody can participate
Nobody has to work
Everyone knows what role to play
Everybody can eat
3
What is mixed economy?
Economy is based off government economic decision making
None of the above
Economy has elements of both private and publicly owned businesses
Economy is based off of privately owned businesses
4
Collective Farms and Quotas are part which economic system
command economy
agricultural economy
mixed economy
traditional economy
5
Which economic system is best represented by this photo
command
traditional
market
mixed
6
Many market economies are located in Western Europe
False
True
7
Consumer sovereignty is found in
socialism
communism
barter economy
free enterprise
8
One difference between socialism and communism is that socialism allows for more democratic elements than communism
True
False
9
Mixed economies have capitalist markets with governmental
taxes
regulations
all of the above
protections
10
Adam Smith discussed how there was a "...." that controlled economy
flying eagle
master plan
guns or butter
invisible hand
11
Karl Marx wrote...
Social Contract
Wealth of Nations
The Communist Manifesto
The Leviathan
12
Government investment in heavy industry is typical of
market economies
command economies
traditional economies
mixed economies
13
"Freedom" and "Competition" are hallmarks of which economic system
market
command
traditional
mixed
14
Which economic system is the best for entrepreneurial innovation?
traditional economy
mixed economy
command economy
market economy
15
Which of the following was NOT a communist country?
Cuba
North Korea
Sweden
USSR
16
Which term refers to limited government intervention
laissez-faire
socialism
continuum
privatization
