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Econ Chapter 2 Test Flashcards | StudBud
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Econ Chapter 2 Test
Econ Chapter 2 Test
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Review of Ch 2
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
which system is the government
most
likely to provide people with goods and services
free-enterprise economy
traditional economy
socialist economy
market economy
2
Which of the following is a cause of struggle in the process of privatization?
people no longer own their own home/business
people must adjust to gov. control of the economy
people must decide how to get along without a free market
people must adjust to costs and risks as part of capitalism
3
transitioning economy, why would privatization raise a nation’s overall standard of living?
places means of production in hands of the governement
places a ruling class in position to administer the economy
people less likely to assume the risks of entrepreneurship
people more likely to be productive for personal benefit
4
Which of these statements describes a
DISADVANTAGE
of a traditional economy?
new ways of doing things are discouraged
everyone knows his or her role
difficult economic decisions are made by the state
new ways of doing things are encouraged
5
Economic system in which supply and demand helps determine the WHAT, HOW, and FOR WHOM
Five-Year Plan
Command Economy
Privatization
Market Economy
6
Economic system characterized by a central authority that makes most of the economic decisions
Command Economy
Mixed Economies
Population Density
Capitalism
7
Worst period of economic decline in U.S. history lasting from 1929 to 1939
Command Economy
Capitalism
Population Density
Great Depression
8
Economic system that has some combination of traditional, command, and market economies
Capitalism
Great Depression
Command Economy
Mixed Economies
9
which of these countries has an economy most similar to that of the former Soviet Union
South Korea
Canada
North Korea
England
10
Number of people per square mile of land area
Communism
Command Economy
population density
Great Depression
11
Conversion of state-owned factories and property to private ownership
Communism
Population Density
Privatization
Capitalism
12
Economic and politcal system which factors of production are owned by the state
Communism
Five-Year Plan
Capitalism
Privatization
13
which of these helps explain why mixed economies develop
people become unhappy with aspects of their current economy
people are seldom exposed to the ideas of other cultures
gov. control of an economy tends to make a nation prosperous
govl control of economy leads to diverse economic approaches
14
which of these is the most striking example of the costs and risks of pure capitalism
Great Depression
Gosplan
Five-Year Plan
Great Leap Forward
15
Which of these statements is descriptive of a
MARKET
economy?
most media is state-owned and operated
major economic decisions are made for individuals
major economic decisions are made by individuals
government determines what is produced and by whom
16
Which of these economic systems have the
LEAST
in common?
command and socialism
market and capitalism
free-enterprise and market
command and capitalism
17
Economic system in which the allocation of resources is the result of ritual, habit, or custom
Capitalism
Mixed Economy
Privatization
Traditional Economy
18
Which of the following is a feature of command economy to distinguish from a market economy
all production is managed by government
economic decisions are made by the free market
economic decisions are based on custom and habits
some degree of private ownership and activity is allowed
19
Centralized economic plan used by the Soviets and China to develop agriculture and industry
Capitalism
Population Density
Five-Year Plan
Command Economy
20
Economic system which private citizens own and use factors of production to generate profits
Command Economy
Privatization
Capitalism
Population Density
