What is the BEST description of standard of living?

The level of aperson's economic success

Which description below would best describe the laissez faire doctrine?

A business selling a product with no government oversight

Which answer is NOT an example of government intervention in the economy?

Consumers purchasing magazines at Walmart

Which of the following statements is FALSE about patents and copyrights?

They bring revenue to the government through taxation

Which of the following statements is FALSE about public goods?

They result in large profits for private businesses

Which of the following is NOT one of the three basic economic questions?

What level of taxation should exist for its citizens?

Which description is true of socialism, but not communism?

Can be a part of a (free) democratic system

Which statement is FALSE about Public Goods.

Public Goods are paid for by private businesses

Which event could be a negative externality of a bridge being built near a community?

More traffic could exist in the area causing delays

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Econ, Chapter 2, Economic Systems

22 termsStudBud Administration149 plays

This quiz quiz reviews the main economic systems (Free, Mixed, Traditional, and Command) along with other related concepts.

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Questions 22

Answers

1
What is the BEST description of standard of living?
The goal of having economic equality
A reward or fear of penalty that motivates a behavior
The process of bringing new methods, products or ideas
The level of aperson's economic success
2
Which description below would best describe the laissez faire doctrine?
The board of health inspecting a restuarant
A business selling a product with no government oversight
The government imposing 7% sales tax
The FDA determining what goods can be sold over-the-counter
3
Which answer is NOT an example of government intervention in the economy?
Income taxes automatically deducted form paychecks
Government paying construction company to build a library
Schools hiring teachers
Consumers purchasing magazines at Walmart
4
Any economic policy that promotes the idea that wealth should be evenly distributed ......
Socialism
Free Markets
Communism
Traditional Markets
5
Which of the following is NOT created in a free market economy?
Self-Interest
Specialization
Competition
Equity
6
Which is an example of obsolescence?
Sales taxes
Outdated technologies
Patents
Socialist policies
7
Which of the following statements is FALSE about patents and copyrights?
They are laws that protect free market innovation
They allow individuals to profit from innovation/creativity
They encourage individuals to create and invent
They bring revenue to the government through taxation
8
The right of the government to seize private property for public use is call.....?
Osolescence
Referendum
Copyrights
Eminent Domain
9
Which of the following statements is FALSE about public goods?
They are provided by the government
They result in large profits for private businesses
They are ineffient for consumers to purchase individually
They are generally funded with tax dollars
10
Which of the following countries has NEVER had a command economy?
Canada
North Korea
China
Cuba
11
Which of the following is NOT one of the three basic economic questions?
Who consumes these goods and services?
What level of taxation should exist for its citizens?
How should these goods and services be produced?
What goods and services should be produced?
12
Which economic goal promotes new markets and increased numbers of jobs in a nation?
Security
Equity
Efficiency
Growth
13
What economic goal pursues safety for the sick, injured, and elderly in a country?
Security
Freedom
Efficiency
Equit
14
Which description is true of socialism, but not communism?
Can be a part of a (free) democratic system
Requires revolutionary change
Government ownership of factors of production
Even distribution of wealth
15
Consumers are LEAST likely to be defined as people that....
choose goods and services
need goods and services
want goods and services
supply goods and services
16
Which of the following concepts or terms are NOT associated with free market economies?
Competition
Incentives
Government control
Self-Interest
17
Which is NOT an advantage of Free Markets?
Variety of Goods and Services
Freedom of choice for consumers
Growth and Innovation
Equity for all consumers
18
Which statement is FALSE about Public Goods.
Public Goods are paid for by private businesses
Public Goods are paid for with tax dollars
Public Goods can be consumed by most citizens
Police Service & Military Defense are public goods
19
People who create goods and services are most commonly called.....
End Users
Customers
Consumers
Producers
20
Which event could be a negative externality of a bridge being built near a community?
Easier for community members to shop in local businesses
More traffic could exist in the area causing delays
Local businesses profit from more tourism
Local workers could be hired for the project
21
What kind of economy does the United States of America have?
Free Market Economy
Command Economy
Traditional Economy
Mixed Economy
22
What are laws that require companies to give consumers important information about products?
Eminent Domain
Public Disclosure Laws
Copyrights
Patents

Econ, Chapter 2, Economic Systems Flashcards | StudBud