Which is NOT an economic question?

How much goods will be produced?

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Economic Systems & Globalization

17 termsStudBud Administration11 plays

Test your knowledge on economic systems, including capitalism, socialism, and mixed economies

Flashcards17 cardsFPractice quizPHost liveL

Questions 17

Answers

1
What does outsourcing refer to?
Work done by others
Local employment
Volunteer work
Government jobs
2
What is the role of self-interest in economics?
Limits innovation
Leads to laziness
Creates economic chaos
Encourages hard work
3
What type of economy is based on customs, beliefs, and traditions?
Mixed economy
Socialist economy
Traditional economy
Market economy
4
What is another name for capitalism?
Free enterprise
Socialism
Traditional economy
Command economy
5
How society answers economic questions defines what?
Its economic system
Its global position
Its cultural identity
Its income level
6
Who wrote The Wealth of Nations?
Adam Smith
Karl Marx
John Maynard Keynes
Milton Friedman
7
True or false: Resources are owned by private individuals in a market economy.
True
False
8
What is a mixed economy?
Only private ownership
Only government control
Combination of systems
Traditional practices only
9
The two major economic systems are called what?
Free enterprise and socialism
Traditional and commandism
Capitalism and communism
Market and mixed economies
10
What does income distribution refer to?
Welfare payments
Corporate earnings
How income is divided
Average income per person
11
Which term defines how a society answers economic questions?
Outsourcing
Free enterprise
Globalization
Economic system
12
Major differences between free enterprise and socialism include what?
Controlling prices and honoring private property
Ownership of resources & government's role in the economy
Economic planning and income distribution
all of the above
13
Globalization has what effect?
Reduced product variety
Limited communication
Expanded selling opportunities
Increased prices
14
Which is NOT an economic question?
How much goods will be produced?
How will goods be produced?
How will goods be produced?
What goods will be produced?
15
In socialism, the government does what?
Ignores income distribution
Rents resources only
Owns the people
Controls most resources
16
What is globalization?
National economic policies
Worldwide economic interaction
Cultural isolation
Local trade only
17
What is offshoring?
Freelance work
Work done abroad
Charity work
Local production

Economic Systems & Globalization Flashcards | StudBud

Economic Systems & Globalization

17 termsStudBud Administration11 plays

Test your knowledge on economic systems, including capitalism, socialism, and mixed economies

Flashcards17 cardsFPractice quizPHost liveL

Questions 17

Answers

1
What does outsourcing refer to?
Work done by others
Local employment
Volunteer work
Government jobs
2
What is the role of self-interest in economics?
Limits innovation
Leads to laziness
Creates economic chaos
Encourages hard work
3
What type of economy is based on customs, beliefs, and traditions?
Mixed economy
Socialist economy
Traditional economy
Market economy
4
What is another name for capitalism?
Free enterprise
Socialism
Traditional economy
Command economy
5
How society answers economic questions defines what?
Its economic system
Its global position
Its cultural identity
Its income level
6
Who wrote The Wealth of Nations?
Adam Smith
Karl Marx
John Maynard Keynes
Milton Friedman
7
True or false: Resources are owned by private individuals in a market economy.
True
False
8
What is a mixed economy?
Only private ownership
Only government control
Combination of systems
Traditional practices only
9
The two major economic systems are called what?
Free enterprise and socialism
Traditional and commandism
Capitalism and communism
Market and mixed economies
10
What does income distribution refer to?
Welfare payments
Corporate earnings
How income is divided
Average income per person
11
Which term defines how a society answers economic questions?
Outsourcing
Free enterprise
Globalization
Economic system
12
Major differences between free enterprise and socialism include what?
Controlling prices and honoring private property
Ownership of resources & government's role in the economy
Economic planning and income distribution
all of the above
13
Globalization has what effect?
Reduced product variety
Limited communication
Expanded selling opportunities
Increased prices
14
Which is NOT an economic question?
How much goods will be produced?
How will goods be produced?
How will goods be produced?
What goods will be produced?
15
In socialism, the government does what?
Ignores income distribution
Rents resources only
Owns the people
Controls most resources
16
What is globalization?
National economic policies
Worldwide economic interaction
Cultural isolation
Local trade only
17
What is offshoring?
Freelance work
Work done abroad
Charity work
Local production