stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economic systems Flashcards | StudBud
Explore
/
Economic systems
Economic systems
20 terms
·
StudBud Administration
·
565 plays
Imported from external platform
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
In which economic system would someone expect the widest selection of consumer goods?
Command economy
Free economy
Mixed economy
2
Which is an example of a good/service which is not produced under free market?
Healthcare
Education
National Defence
Ice cream
3
What is the function of a government in a command economy?
trade policies so that imports are equal with exports
Determine the quantity of goods produced in 5 years plan
Allow demand and supply control the market
Success of agricultural sector over manufacturing
4
Why do all free markets, need some form of government intervention?
Just to provide military services
The make sure the government can tax everything
Provide goods/services the market does not
5
The main economic question (What,How,For Whom) apply only to the free economy
Wrong
Right
6
Almost all economies in the world are
Free
Commnand/planned
Mixed
7
We will find the greatest restriction in freedom, in which economic system?
Free economy
Mixed economy
Command/planned economy
8
It responds fastest to the request of the consumer
Mixed economy
Free economy
Command economy
9
We can rank the countries on their level of freedom by checking
Market openness- how easy is entrance/exit to a market
Regulatory efficiency & Government size
Rule of law- clear laws for all
All of the above
10
A centrally planed economy promotes
Private property, profit, competition
Government ownership, no profit, no competition
Government ownership, no competition and no profit
Government ownership, no competition and profit
11
An economic systems where firms are allowed to produce all the goods they want is called
Private economy
Mixed economy
Free economy
Command economy
12
We will find big income inequalities in which type of economy?
Command
Free
Mixed
13
Which group has the greatest influence in determining the goods produced in a command economy?
Farmers
Government officials
Consumers
Bankers
14
Which of the following is not a characteristic of a command economy?
the central government owns all land and capital
The central government makes all decisions
Each factor of production sets its own production goals
15
Who makes the decisions in a free market economy?
The government officials
The voters
The consumers and producers
The bankers
16
The motivation of workers is higher in a
Free Economy
Command economy
17
The Dutch economy is referred as a mixed economy because
Consumers can do whatever they want
Government is involved in regulating and owning some firms
Businesses can do whatever they want
Producers can produce whatever they want
18
North Korea is an example of
Free economy
Mixed economy
Command/planned economy
19
Singapore is a close example of a
Free economy
Mixed economy
Command/planned economy
20
The maximisation of the utility of an individual takes place in
free economy
command economy
both
