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Unit 2 Quest Review Flashcards | StudBud
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Unit 2 Quest Review
Unit 2 Quest Review
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Questions
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Answers
1
What is property owned by individuals or companies and not by the government?
private property
intellectual property
economic transition
privatization
2
What are two things that a command economy fails to provide consumers?
equity and consumer choice
jobs and private property
variety of goods and competitive prices
incentives and income
3
What is an economic system that has some market-based elements and some government involvement?
factor markets
product markets
mixed economy
command economy
4
What do households have to offer firms in the product market?
factors of production
goods and services
money
taxes
5
What does the diagram imply about the value of technological innovations?
Innovations in agriculture eliminate the need for hand tools
Innovations in technology increase economic growth
Innovations in land use increase the need for mechanical equipment
Innovations in education decrease unemployment
6
The economic system of the United States is BEST described as
mixed economy where the government and market systems are equals
free market economy
mixed economy where the market system is minimal
mixed economy where government intervention is minimal
7
What is the political and economic system where the government owns and controls all resources and means of production?
command economy
factor markets
product markets
mixed economy
8
What is the part of the economic system where households acquire finished goods and services such as the retail market?
mixed economy
command economy
factor markets
product markets
9
What is the economic system where businesses acquire the factors of production?
mixed economy
product markets
factor markets
command economy
10
What is the selling of enterprises of the government to individuals and allowing them to compete in the marketplace?
intellectual property
privatization
private property
economic transition
11
What do firms have to offer households in the product market?
goods and services
factors of production
incentives
wages
12
Which of these is a key economic question faced by countries?
How big should the army be?
How many schools should be built?
How much money should be raised by taxes?
What goods and services should be produced?
13
What is property such as books, songs, or movies that individuals have created?
privatization
economic transition
intellectual property
private property
14
A person who believes in the doctrine of
laissez faire
would most likely support
a free market economy
a mixed economy where the market system dominates
a mixed economy where the government and market systems are equal
a mixed economy where government intervention dominates
15
Why does even a free market economy need some government intervention?
to make sure the government can fulfill its needs to military personnel
to provide for things that the marketplace does not address
to ensure that the government has the freedom to tax as necessary
so that the government has some control over factor resources
16
What is a period in which a nation moves from one economic system to another?
privatization
economic transition
intellectual property
private property
