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Economic Systems Review Game Flashcards | StudBud
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Economic Systems Review Game
Economic Systems Review Game
50 terms
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StudBud Administration
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193 plays
Who knows how our country and other country's make $$$$?
Flashcards
50 cards
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Practice quiz
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Host live
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Questions
50
Answers
1
Microeconomics would study the economic decisions of which the following?
All of the above
A small business
A small nation
A large country
2
Somebody who believes in Laissez Faire would most likely say which of the following statements?
The economy works best when the government regulates it
The economy works best when the government stays out of it
The economy works best when the government taxes the rich
The Federal Minimum wage should be raised to $15 an hour
3
What are the means of production in an economy?
The freedom of consumers to buy new goods and products
The factories and businesses that produce goods and services
The negative conditions that existed in the factories
The average amount of products a company produces a year
4
In a command economy who own the means of production?
The Government
Private Individuals
Companies
Corporations
5
Macroeconomics studies the economy of:
Corporations
Individuals
An entire Nation
Small Businesses
6
Which of the following is NOT a measurement of standard of living?
Literacy Rate
Number of televisions per household
Gross Domestic Product
Life Expectancy
7
This type of economic system is mostly found in rural parts of Africa and Asia:
Traditional
Command
Mixed
Free Market
8
The idea for a free market economy was outlined in the book called:
Communist Manifesto
Wealth of Nations
Globalization and its Discontents
the Smithsonian
9
The idea for a command economy was outlined in a book called the:
Proletariat Diaries
Marxist Mania
Communist Manifesto
Wealth of Nations
10
In a command economy, how are prices determined?
All of the above determine prices in a command economy
By the Government
By Supply and Demand
By Competition between the businesses
11
An economic system that has a free market but is regulated by the government
Free Market
Mixed
Traditional
Command
12
Which of the following is
NOT
an example of intellectual property?
A new invention
A song
A used car
A book
13
An economic system that has both private and public ownership
Command
Free Market
Mixed
Traditional
14
In a free market economy, the more competition there is between companies the more prices will:
fluctuate (go up and down)
drop
rise
stay the same
15
Macro means:
Small
Maximum
Minimum
Large
16
Which of the following is
NOT
one of the four major economic systems?
Democratic
Command
Traditional
Free Market
17
What is another name for a communist type of economic system?
Free Market
Mixed
Command
Traditional
18
Which of the following is NOT an example of a government regulation?
Anti- Discriminatory Laws in the workplace
Child labor Laws
Public Education
Gas Emission Limits on all Factories
19
In a free market economy who owns the means of production?
Private Individuals
The government
The Peasants
Publicly shared by the people
20
Karl Marx predicted that the working class, or the ______ would overthrow the rich, or the ____
peasants; elite
proletariat; bourgeoisie
peasants; nobility
bourgeoisie; proletariat
21
On the graph below, what does the outer loop represent?
Taxes
Physical objects going from businesses to households
Monetary flow
Expenditures
22
Which of the following is an example of subsistence farming?
All of the above are examples of subsistence farming
A tobacco farmer who sells its crops for $1 million profit
A farmer who ships his meat to a new York grocery store
A farmer in India who grows enough crops to feed his village
23
Which of the following would a Democratic Presidential Candidate most support?
Tax breaks for the top wage earners
Less environmental protections against big business
De-regulation of the economy
Higher Federal Minimum Wage
24
What is Medicaid?
Government provided health care for all American citizens
Government provided health care for people age 65 and up
Government provided food stamps for low income families
Government provided health care for low income families
25
North Korea is an example of which type of economic system?
Traditional
Capitalism
Free Market
Command
26
The United States has which type of economic system?
Command
Mixed
Free Market
Traditional
27
Hong Kong and Singapore are the closest modern examples to which type of economic system?
Mixed
Traditional
Command
Free Market
28
Which of the following is
NOT
a characteristic of a free market economy?
Laissez Faire
Public Property
Private Property
Invisible Hand
29
What is Medicare?
Government provided health care to low income families
Government provided healthcare to all American Citizens
Government provided food stamps to low income families
Government provided health care to people 65 years and up
30
In a free market economy, how are prices determined?
By the Government
By Wage Limits
By Supply and Demand
By Price Limits
31
Capitalism is another name for which type of economic system?
Free Market
Traditional
Mixed
Command
32
An economic system where everything is privately owned and the government stays out of economy
Free Market
Mixed
Traditional
Command
33
Subsistence farming is the most common type of farming in which type of economic system?
Command
Mixed
Traditional
Free Market
34
Which of the following economic downturns is more severe?
Recession
Depression
35
What is the most common measurement to study the strength of a nation's economy?
Literacy Rate
GNP
Gross Domestic Product
Unemployment Rate
36
He came up with the idea for a free market economy?
Adam Smith
Donald Trump
Karl Marx
John Locke
37
He came up with the idea for a command economy?
Kim Jung Un
Karl Marx
John Locke
Adam Smith
38
The Inuit in the picture below are an example of which type of economic system?
Command
Free Market
Mixed
Traditional
39
What is a negative about a command economy?
Ruled by Dictators
No incentive to work hard for yourself
Not efficient
Little to no freedom or individuality
40
What is a positive trade off when the EPA regulates big businesses?
The environment is protected against pollution and waste
All of the above are positives that would occur
Big businesses make more profits and hire more workers
Prices decrease for consumers
41
Looking at the Flow Chart below, the government has what role in a mixed economy?
Government collects taxes from both households and firms
Government collects taxes from households only
Government pays out expenditures to households only
Government collects taxes from firms only
42
When you come up with a new idea or invention you have created your own:
private property
intellectual property
none of the above
public property
43
In a free market economy, when demand for a product or service is high, the price will:
Stay the same
Rise
Fall
Fluctuate (Go up and down)
44
The graph below illustrates which of the following?
A depression
A business cycle
A declining economy
A growing economy
45
Communism is another name for which type of economic system?
Command
Free Market
Traditional
Mixed
46
In a free market economy, what makes the economy work?
The government
The Invisible Hand
People wanting to help others
Altruism
47
A public park, library, and school are all examples of:
Government Regulations
Intellectual Property
Public Property
Private Property
48
What is one negative effect of a free market economy?
No incentives
No private property
No freedom
Income inequality
49
Which of the following statements is true?
The U.S has a Pure Free Market Economy
No country in the world has a pure free market economy
The most common type of economy in the world is free market
All of the statements are true
50
The most common type of economic system in the world today?
Command
Mixed
Traditional
Free Market
