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Economic Systems
Economic Systems
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Chapter 2 Economics Test Review
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Which is not one of the 3 basic economic questions?
For whom to produce?
How to produce?
Where to produce?
What to produce?
2
Rivalry between buisnesses to keep prices low and quality high is known as
Private property
Limited government
Profit incentive
Competition
3
A major characteristic of a pure market economy
unrestricted competition
too much labor
strong government planning
controlled prices
4
If you have $25 and need to buy a shirt and some gloves. You buy the gloves for $25, the trade off is the shirt.
False
True
5
Which economy is the easiest to start a business?
traditional
command
mixed
free enterprise
6
Free market, laissez faire, free enterprise, and __________ are some ways of talking about the same type of economy.
Traditional
Mixed
Capitalism
Communism
7
Equity means
Equality
Fairness
Expansion
Everyone plays the same
8
What type of system includes the "buyer beware' characteristic?
Capitalism
Socialism
Communism
Mixed
9
Which is not a factor of production?
Entrepreneurship
Transfer Payments
Land
Labor
10
The proletariat are the rich business owners that Marx was referring to.
False
True
11
What is the basic problem of economics?
Seasonal changes
Scarcity
Shortages
Choices
12
The 3 basic economic questions must be answered by what type of economy?
Capitalism
Traditional
Socialism
All Economies
13
Who owns most of the property in a capitalistic system?
FBI
banks
private owners
government
14
Karl Marx believed that ___________ would die out and eventually be replaced by __________
capitalism; socialism
socialism; traditionalism
traditionalism; capitalism
socialism; capitlism
15
Who is the "father" of the laissez faire system?
Karl Marx
Adam Smith
Coy from the news
Carl Azuz
16
Profit is the difference between expenses and revenue.
True
False
17
The advantages of a command system includes:
economic efficiency
massive profits
it's motivating to work hard
buyer beware
18
Standard of living is defined as the material well being of a group, business or nation.
True
False
19
Profit is the fianancial gain after paying for expenditures.
False
True
20
Pure socialism is charaterized by central planning by the government
False
True
