11th econ ch 6

19 termsStudBud Administration35 plays

Explore the concepts and key figures of different economic systems and ideologies

Flashcards19 cardsFPractice quizPHost liveL

Questions 19

Answers

1
Which system has high taxes but leans capitalist?
Welfare state
Socialism
Mercantilism
Communism
2
Why do public goods become government responsibility?
Private profit
Exclusive access
Luxury demand
Nationwide availability
3
What are the functions of government according to Smith?
Control economy
Increase wealth
Expand territory
Protect citizens
4
What is radical capitalism's view on government?
Necessary authority
Unnecessary authority
Limited authority
Beneficial authority
5
Who is associated with classic liberal capitalism?
Milton Friedman
Karl Marx
John Keynes
Adam Smith
6
What does laissez faire mean?
Peaceful work
Invisible hand
Let alone
Beautiful idleness
7
What is social democracy?
Free market economy
Transitional system
Pure communism
State capitalism
8
What is a public good?
Luxury item
Nationwide benefit
Exclusive service
Private benefit
9
Which system involves government control of resources?
Liberalism
Mercantilism
Socialism
Capitalism
10
What does privatization mean?
Nationalization
Government ownership
High taxes
Selling to private individuals
11
True or false: Adam Smith supported mercantilism.
True
False
12
What is mercantilism's main focus?
Innovation
Public goods
Gold and silver
Free trade
13
What year did mercantilism end in America?
1776
1476
1500
1871
14
Which is not a strategy of mercantilism?
Limit competition
Refuse foreign trade
Encourage colonization
Sponsor expeditions
15
What did 'liberal' mean in the 18th century?
Conservative
Liberty believer
Revolutionary
Wealthy
16
What is the root problem with mercantilism?
Lack of innovation
Money as wealth
High taxes
No competition
17
Why did mercantilism promote colonization?
To acquire raw materials
To explore new lands
To gain allies
To spread culture
18
Why do butchers and bakers provide dinner?
Legal obligation
Best interest
State enrichment
Benevolence
19
Which system lacks government existence?
Pure communism
Social democracy
Radical socialism
State capitalism

11th econ ch 6 Flashcards | StudBud

11th econ ch 6

19 termsStudBud Administration35 plays

Explore the concepts and key figures of different economic systems and ideologies

Flashcards19 cardsFPractice quizPHost liveL

Questions 19

Answers

1
Which system has high taxes but leans capitalist?
Welfare state
Socialism
Mercantilism
Communism
2
Why do public goods become government responsibility?
Private profit
Exclusive access
Luxury demand
Nationwide availability
3
What are the functions of government according to Smith?
Control economy
Increase wealth
Expand territory
Protect citizens
4
What is radical capitalism's view on government?
Necessary authority
Unnecessary authority
Limited authority
Beneficial authority
5
Who is associated with classic liberal capitalism?
Milton Friedman
Karl Marx
John Keynes
Adam Smith
6
What does laissez faire mean?
Peaceful work
Invisible hand
Let alone
Beautiful idleness
7
What is social democracy?
Free market economy
Transitional system
Pure communism
State capitalism
8
What is a public good?
Luxury item
Nationwide benefit
Exclusive service
Private benefit
9
Which system involves government control of resources?
Liberalism
Mercantilism
Socialism
Capitalism
10
What does privatization mean?
Nationalization
Government ownership
High taxes
Selling to private individuals
11
True or false: Adam Smith supported mercantilism.
True
False
12
What is mercantilism's main focus?
Innovation
Public goods
Gold and silver
Free trade
13
What year did mercantilism end in America?
1776
1476
1500
1871
14
Which is not a strategy of mercantilism?
Limit competition
Refuse foreign trade
Encourage colonization
Sponsor expeditions
15
What did 'liberal' mean in the 18th century?
Conservative
Liberty believer
Revolutionary
Wealthy
16
What is the root problem with mercantilism?
Lack of innovation
Money as wealth
High taxes
No competition
17
Why did mercantilism promote colonization?
To acquire raw materials
To explore new lands
To gain allies
To spread culture
18
Why do butchers and bakers provide dinner?
Legal obligation
Best interest
State enrichment
Benevolence
19
Which system lacks government existence?
Pure communism
Social democracy
Radical socialism
State capitalism