Which of the following operates outside of supply and demand to determine prices?

a monopolistic franchise granted to a utility firm

Which government action would be considered a move to the "left” on the economic spectrum?

Intro user fees for health services to reduce budget debt

From a right-wing perspective centrally planned economies have the greatest difficulty

providing incentives for innovation

The most significant effect of the New Deal on capitalist economies was the

changed perception of the role of government in the economy

If a state has high unemployment a right wing capitalist would

leave it alone to allow the market to correct itself

Which of the following statements reflects an ideological inconsistency?

a country with a market introduces price controls.

Supporters of public enterprise systems see competition as negative force because

leads to inefficient use of goods and services

In a mixed economy such as Canada's the goal of economic equity is pursued through

transfer payments and progressive income tax rates

The economist Keynes recommended that during periods of economic prosperity governments should

reduce spending but raise taxes to dampen inflation

To counter recessionary trends a state with a market economy would most likely introduce

a reduction in small business subsidies

Laissez-faire capitalists oppose unions primarily because they believe that unions

increase the cost of production

studbud

Social 30-1 Economics

20 termsStudBud Administration1,301 plays

Economics: Ebb and Flow

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
Which of the following operates outside of supply and demand to determine prices?
an increase in wages won by a union
a buyers' strike on the part of consumers
a drought in a major agricultural region
a monopolistic franchise granted to a utility firm
2
Canada is an example of a
traditional economy
mixed economy
command economy
market economy
3
The father of communism
Hobbes
Mill
Marx
Smith
4
Together the economic policies of Thatcher, Reagan, and Mulroney reflected a commitment to
centralization
deregulation
universality
interventionism
5
Which government action would be considered a move to the "left” on the economic spectrum?
Intro user fees for health services to reduce budget debt
Raising the rate of income tax paid by higher-income earners
Selling a government-owned service to private investors
Removing regulations that control the actions of businesses
6
Government intervention in the market system in Canada has resulted in all EXCEPT
a health care program
consumer protection laws
wide spread availability in low cost housing
increased income security
7
From a right-wing perspective centrally planned economies have the greatest difficulty
stabilizing fluctuations in the business cycle
adjusting to the principles of economic cooperation
providing incentives for innovation
reducing inequalities in income
8
The most significant effect of the New Deal on capitalist economies was the
new competition to the private sector by government sector
regulations that limited the actions of chartered banks
changed perception of the role of government in the economy
gov't intervention was not successful in curing the economy
9
If a state has high unemployment a right wing capitalist would
leave it alone to allow the market to correct itself
increase taxes to offset unemployment
increase interest rates to offset inflation
increase social assistance to offset social disparity
10
Which of the following statements reflects an ideological inconsistency?
fascist government bans independent labour unions.
A communist state nationalizes the resources of a nation
a country with a market introduces price controls.
A social democratic nation stops doctors from charging fees.
11
The main determinant in deciding what products to produce in a capitalist economy is
cost of production
demand
supply
unit cost
12
Supporters of public enterprise systems see competition as negative force because
leads to inefficient use of goods and services
thwarts the operation of supply and demand in an economy
encourages a more equal distribution of wealth
distributes more wealth to the consumer than to the producer
13
In a mixed economy such as Canada's the goal of economic equity is pursued through
laissez-faire competition and decentralization
transfer payments and progressive income tax rates
private ownership and foreign investment
public ownership and collectivization
14
The economist Keynes recommended that during periods of economic prosperity governments should
nationalize industries with high debt loads
lower interest rates to encourage investment
reduce spending but raise taxes to dampen inflation
increase transfer payments and social welfare spending
15
Economic inequality for profit rather than economic equality would be defended by
laissez-faire views
fascist views
communist views
market-oriented views
16
Economic planning was centralized in the U.S.S.R. to encourage increased
thrift through consumer saving
equality among citizens
initiative among factory owners
competition through monetary incentives
17
To counter recessionary trends a state with a market economy would most likely introduce
greater tax exemptions and concessions to corporations
a significant increase to consumer interest rates
a reduction in small business subsidies
sizable layoffs in the civil service
18
Roosevelt's New Deal relied on the ideas and principals of one of the following.
John Stuart Mill
Karl Marx
John Maynard Keynes
19
Laissez-faire capitalists oppose unions primarily because they believe that unions
fail to act in the long-term interests of their members
encourage governments to spend lavishly on public works
restrict consumer confidence and spending
increase the cost of production
20
The father of capitalism
Smith
Lenin
Mill
Marx

Social 30-1 Economics Flashcards | StudBud