Economic Systems
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lawanaharper
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  • Question 1
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    Q.

    Every society has to answer these 3 economic questions...

    answer choices

    Who's on first? What's on second? Why is he on third?

    Should we farm more, fund healthcare, or build a park?

    What to produce? How to produce? For whom to produce?

    What do I buy? How much do I save? How much do I give?

  • Question 2
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    Q.

    What is true about scarcity in economics? Check all that apply.

    answer choices

    It is the gap between limited resources and limitless wants.

    Scarcity is the result of people having "Unlimited Wants and Needs."

    Scarcity is the next best option.

    Scarcity is always wanting something new, and having "Limited Resources."

  • Question 3
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    Q.

    The definition of Economics is the

    answer choices

    Study of plants and animals in the economy

    Study of how currency is printed.

    Study of how resources are used to satisfy unlimited wants and needs

    Study of socialism, capitalism, imports and exports.

  • Question 4
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    Q.

    Opportunity cost is

    answer choices

    the next best option

    the invisible hand

    the circular flow of income

    the cost of producing an item

  • Question 5
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    Q.

    An incentive is... check all that apply

    answer choices

    something that makes someone want to do something or work harder.

    An increase in production

    extra money offered to those employees who work extra hours on a project.

    tasks performed by people, not machines

  • Question 6
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    Q.

    This economy is based on customs and traditions.

    answer choices

    A market economy

    A command economy

    A mixed economy

    A traditional economy

  • Question 7
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    Q.

    The flow of money into an economy is called

    answer choices

    injections

    imports

    taxes

    savings

  • Question 8
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    Q.

    _________ plays a small role in a market economy.

    answer choices

    Private business

    Tradition

    The government

    The president

  • Question 9
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    Q.

    In this economy individuals have property rights, producers have competition and there are monetary incentives to perform at a higher level.

    answer choices

    Communist Economy

    Market Economy

    Socialist Economy

    Traditional Economy

  • Question 10
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    Q.

    The money flowing out of an economy is called

    answer choices

    leakages

    injections

    exports

    a bad thing

  • Question 11
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    Q.

    A command economy is a type of system where the economy is mostly controlled by...

    answer choices

    Big businesses

    The Government

    Wealthy Banks

    The Federal Reserve

    The Illuminati

  • Question 12
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    Q.

    Communism is a type of...

    answer choices

    Traditional Economy

    Free Market Economy

    Command Economy

    Mixed Economy

  • Question 13
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    Q.

    The United States is an example of a country that has a...

    answer choices

    Traditional Economy

    Free Market Economy

    Command Economy

    Mixed Economy

  • Question 14
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    Q.

    North Korea is a country that has a...

    answer choices

    Traditional Economy

    Free market Economy

    Command Economy

    Mixed Economy

  • Question 15
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    Q.

    A Mixed Economy uses ideas from...

    answer choices

    Both Traditional and Market Economies

    Both Market and Command Economies

    Both Traditional and Command Economies

    Traditional, Market, and Command Economies

  • Question 16
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    Q.

    Socialism is a system that relies on the use of...

    answer choices

    Competition and Choice

    Government Mandates

    Wealth Redistribution

    Customs and Beliefs

  • Question 17
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    Q.

    The Economist, Freidrich von Hayek, thought

    answer choices

    Competition is a regulatory force in the economy.

    Government intervention is necessary for stability.

    Government should not control the money supply.

    Less government intervention gives people more economic freedom.

  • Question 18
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    Q.

    The Economist, Adam Smith, thought

    answer choices

    Competition and the idea of an invisible hand are regulatory forces in the economy.

    Government intervention is necessary for stability.

    Government should not control the money supply.

    Less government intervention gives people more economic freedom.

  • Question 19
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    Q.

    The main theme in economics for John Maynard Keynes was...

    answer choices

    Government intervention in the economy was necessary for stability of the economy.

    Government should not control the money supply.

    Command economies are best for society.

    The government should not be involved. The economy should operate in a laissez-faire manner.

  • Question 20
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    Q.

    The Economist, Milton Friedman thought...

    answer choices

    Government interventions takes away economic and political rights.

    Competition keeps unfair practices at bay.

    Self-interest is a motivating force in the economy.

    Government control of the money supply will increase the prices of goods and services. So, the government should NOT control the money supply.

  • Question 21
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    Q.

    Which types of economies are arranged from least government involvement to the greatest?

    answer choices

    communist, mixed, market, socialist

    socialist, market, mixed, communist

    market, mixed, socialist, communist

  • Question 22
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    Q.

    Which rights are necessary for entrepreneurs to obtain credit and capital?

    answer choices

    credit from financial institutions and economic rights

    services from financial institutions and economic rights

    credit from financial institutions and property rights

  • Question 23
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    Q.

    Because of the coronavirus, the city of Majorica, Spain, is experiencing low tourism and a fall in economic activity. They decide to let the market correct itself. This would be an example of which economists theory?

    answer choices

    Fredrich von Hayek

    John Maynard Keynes

  • Question 24
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    Q.

    As a result of coronavirus, there is a shortage of toilet paper. As a result toilet paper prices have risen. The government has limited the price that can be charged for it.

    What economist supports this view?

    answer choices

    Friedrich von Hayek

    John Maynard Keynes

  • Question 25
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    Q.

    Which factor determines who a society will produce goods and services for?

    answer choices

    the available resources in the society

    the population of the society

    the economic system in the society

  • Question 26
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    Q.

    Which basic economic question determines how a society will produce goods and services?

    answer choices

    How can available resources be used efficiently?

    What goods and services are produced?

    What price should goods and services be sold at?

  • Question 27
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    Q.

    Which type of economy ensures more benefits to its citizens because it offers incentives for people to use their skills and creativity to start their own businesses.

    answer choices

    Socialist economy

    Communist economy

    Market economy

  • Question 28
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    Q.

    Three names for an economy that gives more economic freedom to businesses and individuals with few restrictions, The United states is an example, are:

    answer choices

    Command, Socialist, Mixed

    Command, Socialist, Communist

    Free Enterprise, Free Market, Capitalist

    Capitalist, Free Market, Command

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