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Economic Systems
Economic Systems
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StudBud Administration
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Review for soc 30-1 economic systems unit.
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Together the economic policies of Thatcher, Reagan, and Mulroney reflected a commitment to
centralization
deregulation
universality
interventionism
2
From a right wing perspective centrally planned economies have the greatest difficulty
adjusting to the principles of economic cooperation
providing incentives for innovation
stabilizing fluctuations in the business cycle
reducing inequalities in income
3
The ideological perspective of the source is
modern liberal
democratic socialist
communist
conservative
4
The father of capitalism
Marx
Smith
Locke
Mill
5
A supporter of supply side economics would argue that the data in the graph supports
decrease in privatization leads to increased productivity
increased inequality results in improved productivity
increased govt regulation reduces income inequality
increased equality leads to increased productivity
6
Father of communism
Mill
Owen
Smith
Marx
7
Which of the following operates outside of supply and demand to determine prices
an increase in wages won by unions
a buyers strike on the part of consumers
a drought in a major agricultural region
a monopolistic franchise granted to a utility firm
8
The most significant impact of the New Deal was
regulations that limited the actions of banks
new competition to the private sector by the gov't sector
Deregulation of the stock market
changed perception of the role of gov't in the economy
9
Laissez-faire capitalist opposes unions because they believe that unions
restrict consumer confidence and spending
encourage gov't to spend lavishly on public works
increase the cost of production
fail to act in the long term interest of their members
10
To counter recessionary trends a country employing monetarist policies would most likely
use fiscal policy to stimulate employment
sizable layoffs to the civil service
reduce the interest rate charged by the central bank
increase spending on infrastructure
11
Which of the following statements reflects an ideological inconsistency
a country with a market economy introduces price controls
a country with a mixed economy uses infrastructure spending
a communist state nationalizes its oil industry
a social democratic nation stops doctors from charging fees
12
The ideological perspective of the cartoonist is
socialist
conservative
communist
modern liberal
13
Demand side economists recommend that during times of inflation gov'ts should
increase spending and decrease taxes
nationalize industries with high debt loads
reduce spending and increase taxes
leave the markets to correct themselves
14
If a state had high unemployment a supply side economist would?
leave it alone and let the market correct itself
increase interest rates to off set inflation
Increase taxes to off set unemployment
increase social assistance to off set unemployment
15
Supporters of public enterprise, see competition as
positive - leads to a more equal distribution of wealth
negative - disrupts the operation of supply and demand
negative - leads to inefficient use of resources
positive - distributes more wealth to consumers vs producers
