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Gov.A Economic Systems
Gov.A Economic Systems
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Review for Econ Systems test Gov.A
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
How is the price of a comodity figured according to Communism?
cost of labor added to cost of production
Cost of production
cost of labor
cost of production minus cost of labor
2
This economic system is based on individuals and businesses making economic decisions
command
communism
traditional
market
3
The graphic below best shows which type of economy?
Command
Communist
Socialist
Capitalist
4
Which of the following is a type of mixed economy?
Socialism
Capitalism
Traditional
Communism
5
Laissez-Faire policy in regards to the economy means
Gov't makes only 1 or 2 decisions
Gov't gets involved as much as possible
Gov't doesn't get involved
Gov't votes to see if they can get invovled
6
considered the founder of Communism
Friedrich Engles
Adam Smith
Karl Marx
Miss Middleton
7
Karl Marx wrote
Wealth of Nations
Communist Manuscript
Communist Manifesto
Wealth of Noone
8
The United Kindgom is considered which type of economy?
socialist
communist
Capitalist
command
9
Marx hoped to create _______ with communism.
a classless society
a revolution
a working class
a rich working class
10
The proletariat is defined as
slaves
middle class
wealthy
working class
11
Adam Smith wrote
Economics 101
Wealth of Nations
communist Manifesto
Capitalist Nations
12
Bushels of cotton picked to make t-shirts would be considered
capital
land
labor
lava
13
Paying the light bill at your building is considered
labor
land
labradore
capital
14
The system criticized for creating economic inequality is
Socialism
Capitalism
Communism
Traditionalism
15
Type of Economic system focused on doing things as they have been done in the past.
Traditional
Market
Capital
Command
