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Duplicate of Governments: Types & Economic Systems Flashcards | StudBud
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Duplicate of Governments: Types & Economic Systems
Duplicate of Governments: Types & Economic Systems
22 terms
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StudBud Administration
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Quick review of major systems of government. #civicsup
Flashcards
22 cards
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Questions
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Answers
1
Which type of government has the highest amount of citizen power and participation?
oligarchy
constitutional monarchy
democracy
dictatorship
2
Country A has an absolute advantage producing:
cars and trucks
cars
neither cars nor trucks
trucks
3
All are features of a command economy except:
lack of economic freedom
full employment
government ownership of everything
Private property rights
4
At which stage of the business cycle would there be Low Inflation?
Peak
Contractionary Period
Trough
Expansionary Period
5
A lack of government control over business
nogovernment4life-ism
dictatorship
autocracy
capitalism
6
A government in which the citizens vote for all laws and rules
oligarchy
autocracy
republic
direct democracy
7
NOT a benefit of free enterprise capitalism?
Variety of goods
Individual freedom
Income equality
8
Economic activity goes up during this phase of the business cycle.
Expansion
Peak
Trough
Recession
9
What is an important advantage of a free market?
it protects the less fortunate
it is easy to regulate
it offers a wide variety of goods and services
it does not change unless the government directs it
10
What is Lobbying?
A type of home renovation
An attempt to influence political decisions by organisations
When governments put restrictions on businesses
11
Which type of government has a single ruler, usually with unlimited power?
democracy
oligarchy
autocracy
federal
12
What are the two main variables that establish the business cycle?
GDP & GNP
GNI & Time
Population & Density
Real GDP & Time
13
In this economic system, people can buy and sell and run businesses with few restrictions.
federalism
communism
socialism
capitalism
14
Country B has the comparative advantage in:
Neither
Trucks
Cars
Both
15
In this economic system, the government owns all businesses and controls buying and selling.
autocracy
socialism
capitalism
communism
16
Which of the following is a disadvantage of a Market Economy?
High degree of individual freedom
The people have to decide what goods are made
Not everyone's needs are provided for
Having specialization in products
17
Country A has the comparative advantage in:
Neither
Cars
Trucks
Both
18
Which is
not
true about a Free Market Economy?
There is limited government control on what/how to produce
The market determines prices
Resources are owned by the government
There is no economic plan
19
In which type of government do the voters choose leaders to make laws and rules?
autocracy
republic
representative democracy
direct democracy
20
Command economy also known as
service economy
Governmental economy
planned economy
developed economy
21
opportunity cost
cost of operating a business
cost of selling a business to begin another
earning the best profit possible
cost of choosing one opportunity or investment over another
22
Capitalism
An economic and political system controlled by the state
an economic and political system in which is controlled by private owners
