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Economic Systems & Broad Economic Goals Flashcards | StudBud
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Economic Systems & Broad Economic Goals
Economic Systems & Broad Economic Goals
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1
Economic equity means that it is illegal to discriminate on the basis of age, sex, race, religion, or
status.
disability.
income.
political views.
2
Inflation causes people to
work the same hours for the same pay.
spend less for the same amount of goods and services.
take more time off work.
work more to pay for basicnecessities.
3
Consumers in a free market - mixed economy ultimately determine ________ to produce.
how
where
what
when
4
Which of the following is currently considered one of the major economic and social goals in the United States?
Freedom
preserving endangered species
clean environment
conservation
5
Which of the following statements is true of a traditional economy?
People produce a variety of goods for local, regional, and global trade.
People produce goods to make a profit.
People produce goods according to the dictate of government.
People produce and consume only the goods they need.
6
Protection from layoffs, illnesses, injuries or disabilities falls under the goal of
economic security
economic equity.
economic growth.
economic efficiency.
7
Which of the following is a feature of a command economy?
All production is managed by the government.
All economic decisions are based on custom and habit.
Some degree of private ownership and activity is allowed.
All economic decisions are made by the free market
8
Which of the following statements best describes the economic theories of Adam Smith?
Private individuals & businesses answer most economic questions themselves.
Government answers most economic questions for citizens and corporations.
The church & similar public institutions answer most economic questions.
Public & private entities share responsibility answering economic questions
9
Which type of economy is most prevalent in the world today?
market
mixed
traditional
command
10
Which of the following statements most clearly aligns with the economic theories of Karl Marx?
Businesses are regulated to prevent socioeconomic collapse.
Free-market forces ensure a healthy and efficient economy.
Government manages the economy to prevent economic inequality.
Profit drives both economic growth and economic equality.
11
Sam and Robin want to start a business. In a market economy, how might they determine what to produce?
Check recent regulatory laws
Write to a government committee
Ask local officials and heads of families
Survey potential consumers
12
How is the ability to choose one's career related to a nation's broad economic goals?
It shows individual power.
It illustrates entrepreneurship.
It reflects individual freedom.
It demonstrates ingenuity.
13
What is one of the benefits related to economic equity?
conserving resources
living on a fixed income
unemployment compensation programs
receiving equal pay for equal work
14
Which of these helps explain why mixed economies develop?
People are seldom exposed to the ideasand technologies of other cultures.
Government control of economy leads todiversity of economic approaches.
People become unhappy with aspects oftheir current economy.
Government control of an economy tendsto make a nation more prosperous.
15
How are economic transactions shaped in a traditional economy?
The three key questions of production do not arise in this type of economy.
Each community decides as a group forwhom the group will produce.
Elders and ancestors make certain thatthings are done in specific ways.
Individuals buy, sell and trade as they choose.
16
In which type of economy does the government decide all or most economic questions?
Traditional
Command
Mixed
Market
17
Which of these is an accurate statement about mixed economies today?
Mixed economies exist mostly innations with communist governments.
Very few economies today can beaccurately described as “mixed.”
There are more mixed economies in theworld than any other kind.
Most nations that once had a mixed economy have evolved into command econ.
18
Which of the following describes the U.S. economy?
Primarily traditional
Mixed, free market - driven
Command-based
Mixed, Command - driven
19
Which of these is a major advantage of a free market economy?
It can change direction rapidly asneeded when markets change.
There is a high degree of individualfreedom.
There is efficient government controlof production and distribution.
People are likely to be offered goodsand services they cannot afford.
20
The economic system of the United States is considered a
command economy.
sociialists economy.
traditional economy.
free market - mixed economy.
21
Based on the map, which continent has the largest are with a low Human Development Index?
North America
Africa
South America
Asia
22
Which of these are considered broad economic goals?
Security, justification, equality
Freedom, equity, growth
Reliability, honesty, freedom
Dependability, equity, efficiency
23
A general rise in the level of prices over time is known as
inflation.
profit.
a catalyst.
voluntary exchange.
