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Economic Systems Review Flashcards | StudBud
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Economic Systems Review
Economic Systems Review
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Flashcards
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Questions
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Answers
1
What is Jerome Powell's main job as Federal Reserve chairman?
Raise and lower interest rates
Set monetary policy
Teach economics
Hold on, we didn't cover this...
2
Profit is...
The emoji with dollar sign eyes and his tongue out
Corporations
Financial gain from transactions
The goal of a centrally planned economy
3
This course moves pretty fast because...
Mr. Yergert enjoys torturing students
You're so smart and can handle it
It's important to know for adulthood
I'ts just a semester-long course
4
The former Soviet Union was...
A free market economy
A theocracy
A centrally planned/command economy
Like, suuuuper depressing
5
Which of the following is an advantage of a market economy?
Economic efficiency
Economic freedom
Economic growth
Economic equality
6
How are economic decisions made in a market economy?
By a secret shadow government that controls our minds
By individuals and businesses
Nobody makes any decisions, ever
By Mr. Yergert
7
"Laissez-faire" means...
Let them do as they please
Complete economic equality
Lazy county faire
Laser beams
8
We can represent a centrally planned economy with a model that looks like...
A circle
Sheet music with a drawing of a crab on it
A triangle/pyramid
The Los Angeles Dodgers
9
The United States is this kind of economy.
Free market economy
Centrally planned economy
Command economy
Free market economy (but more of a mixed, modern economy)
10
Adam Smith hypothesized that this controlled free markets:
The "Invisible Hand"
The "Opaque Foot"
The "President's Tweets"
The "Blurry Kneecap"
11
The free market is "self-regulated" by two things:
The government and Facebook
The Axis and the Allies
Brighton HS and Prairie View HS
Self-interest and competition
12
How are economic decisions made in a command economy?
By Facebook and Amazon
By the government
By individuals and businesses
By Donald Trump
13
What is the goal of a market economy?
Distribution of wealth
Quality fried chicken sandwiches
Profit
Redistribution of wealth
14
Income that people receive for supplying the factors of production are called...
Factor payments
Production factors
Tractor payments
A subsidized student loan
15
We can represent a market economy with a model that looks like...
Something, idk, sorry, what was the question?
A wheel/circle
A field of wheat with a cruise ship in it
A pyramid/triangle
16
Programs like SNAP help people experiencing unfavorable economic conditions. This is a...
Traditional economy
Communist system
Safety net
Scam
17
Adam Smith would agree with Gordon Gekko that this is good:
Sloth
Greed
War
The former Soviet Union
18
Command economies are also called...
Centrally planned economies
Russia
Craigslist.com
Centrally-marketed economies
19
The best baseball team in the MLB is...
The NY Yankees
The LA Dodgers
The team from California that wears blue
The Los Angeles Dodgers
20
What is the goal of a command economy?
Distribution of wealth
Profit
Quality M-rated video games
National defense
21
In a free market, the government does what?
Provides for common defense, general welfare
Everything
Yard sales
Determines what will be produced
