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Unit One--Economic Systems Flashcards | StudBud
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Unit One--Economic Systems
Unit One--Economic Systems
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Economics test review #economicsystems
Flashcards
21 cards
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Questions
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Answers
1
Which of the following is
NOT
a characteristic of a command economy?
large, inflexible bureaucracy
the central government owns all land and capital
the central government makes all economic decisions
people can make decisions for themselves
2
What is
not
a benefit of a free market economy
?
creation of wealth
economic freedom
a variety of goods
creation of the super rich and super poor
3
The economic system of United States is considered a
mixed economy with some command economy elements
command economy
traditional economy
socialist economy
4
one's own personal gain, but NOT at the expense of others
motivation
self-interest
materialism
selfishness
5
economic system guided only by customs and rituals
Traditional
mixed
Customary
Virtual
6
To improve its
standard of living
, a nation's economy must
reach economic equity
remain stable
grow, especially through innovation
allow the government to make all of the decisions
7
What best describes the role of government in a free enterprise system?
provide for public goods
promote a safety net for bad economic times
regulate businesses to insure fairness & safety
all of these are proper roles
8
an expectation that encourages people to act in a certain way
incentive
bribe
hope
opportunity
9
The Father of Capitalism, he described the "invisible hand."
Adam Smith
President Trump
Karl Marx
Mr. Womack
10
Why are products made under a command economy more likely to be low quality?
workers have little incentive to make them well
the workers are forced to use old fashioned methods
there are no quality control guidelines
the workers manage production facilities on their own
11
Which of the following is
NOT
a key economic question?
For Whom are these goods and services made?
What goods and services should be produced?
How to make sure that goods and services are paid for
12
term describing the self-regulating nature of the marketplace
invisible hand
incentive
woke
lazy fair
13
Which country has the most extreme example of a command economy?
New Zealand
North Korea
China
Hong Kong
14
The Father of Communism, he believed in ending private property.
Mr. Womack
Adam Smith
Karl Marx
President Trump
15
Analyzing marginal costs and benefits is...
considering incentives
mathematics
thinking at the margin
a waste of time
16
What is the struggle among various producers for the consumer's business called?
competition
socialism
self-regulation
incentive
17
What is critical in determining whether something is produced as a public good?
Whether the government wants it produced by them instead of a business
Whether Mr. Womack wants it produced
If the government can make money by doing it.
Whether the benefits to society outweigh the costs to the taxpayers
18
Competition and self-interest are two important forces in
command economies
socialist economies
free market economies
traditional economies
19
Which of the following is largely responsible for the growth of a free enterprise system?
government
President Trump
profit motive
Mr. Womack
20
What
"invisible hand
" regulates the free market economy?
competition between firms
incentives and efficiency
specialization
individuals' self-interest
21
the doctrine that government generally should not intervene in the marketplace
united we stand
communism
laissez faire
traditional economy
