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Chapter 2 study guide Flashcards | StudBud
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Chapter 2 study guide
Chapter 2 study guide
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1
Which of the following is a feature of a command economy that distinguishes it from a socialist economy?
Managed by the people
Managed by buyers and sellers
All the above
All production is managed by the government.
2
Which of these statements describes a disadvantage of a traditional economy?
Encourage ideas
Don’t have to work
New ways of doing things are discouraged
All of the above
3
How is the principle of “There’s No Such Thing As A Free Lunch” illustrated in a socialist economy?
It sustains a high degree of uncertainty
Command
Market
Capitalism
4
What conclusion can be drawn about capitalism from South Korea’s economic growth in the late 20th century?
Capitalism can restore a damaged economy
All of above
Market
Command
5
Which of the following states an advantage of a traditional economy?
All the above
Everyone knows exactly what their function is
Free lunch
No work
6
Which statement describes why the people in a nation with a command economy resist a shift to a free market ?
All of above
Command
Buy sellers
People who hold political power are threatened by systemic changes.
7
Which of these countries has an economy most similar to the former Soviet Union?
Brazil
USA
China
North Korea
8
Which of the following is NOT a key economic question?
Communism
Market
The effect of any addition or subtraction on the on-going situation?
Traditional
9
Which of these helps explain why mixed economies develop?
All the above
Problems with the government
Problems with money
People become unhappy with aspects of their current economy.
10
Which of the statements best describes the communist ideal?
Utopia
Free money
No work
A classless society in which everyone works for the common good
11
Which of the following lists economic systems in order from least to most flexible?
Traditional
All the above
Capitalism
command, socialism, free market.
12
Which of these statements is descriptive of a market economy?
All the above
Made by the people
Made by one man
Major economic decisions are made by individuals, not for them.
13
Which type of economy is most prevalent in the world today?
Traditional
Command
Market
mixed economy
14
Are you gonna pass ?
True
False
15
Which of the following is a characteristic of a traditional economy?
Do what you want
New ideas
Family centric
All the above
16
Which of these is a major advantage of a market economy?
Free lunch
increased efficiency
Market efficiency
All above
17
Which of these is an accurate statement about mixed economies today?
Mixed economies exist mostly in nations with communist governments
All the above
Market
Command
18
Which of these is a major advantage of a market economy?
Increased taxes
increased efficiency
Increased labor
All the above
19
Which country is an example of a capitalist country?
China
North Korea
USA
Brazil
20
Which statement best describes a disadvantage of a command economy?
People run the economy
Stop producing things that people don’t need or want.
All the above
Start producing goods that people want
21
Which of these economic systems have the least in common?
All the above
Market
Traditional
command economy and capitalism.
22
In which of these systems is the government most likely to provide people with goods and services they could not afford?
All the above
A socialist economy
Traditional
Market
