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- 1. Multiple Choice
What is lassiez-faire capitalism
An extreme form of capitalism in which there is no government role or intervention in the economy
A form of socialism in which government owns nearly all property and industry
A mixed economy with some government regulations and subsidies
A form of capitalism in which government gives subsidies and tax breaks to the richest people and corporations
- 2. Multiple Choice
What is socailism
An economic system in which individuals own the property, industry, and the means of production
An economic system in which all property and industry is distributed evenly amongst the population
When the government does stuff
An economic system in which all property and industry is owned by the government
- 3. Multiple Choice
What is the social market economy (Rhine Capitalism)
The idea that taxation should correlate with a persons income, or that richer people should pay higher taxes
A free market economy with government regulations, subsides, and welfare programs
A network of trade and businesses situated on the Rhine River in Germany
A free market economy with minimal government intervention in labour, taxation, and business
- 4. Multiple Choice
What is Keynesianism?
Ideas popularised by John Maynard Keyens that support government investment into the economy to stimulate it
Ideas popularised by John Maynard Keyens that support minimal government intervention in the economy
The concept relating to what degree taxation rates have on overall government revenue
The idea that the key industry should be the dominant industry in the economy
- 5. Multiple Choice
Trickle down economics states that _________ rich people will result in prosperity for everyone because the rich _____ their money
Taxing, save
Subsidising, burn
Giving tax breaks to, spend
Eating, no longer possess
- 6. Multiple Choice
What is the multiplier effect
The theory that as soon as money is spent once, it adds no additional value to the economy
The theory that an original increase in spending will result in a greater increase in economic output because part of the original money was spent again
A phenomenon created by scientists that states when cloning occurs, the clones will create more clones by themselves, resulting in an apocalypse
An economic system in which all property and industry is collectively owned by everyone in society
- 7. Multiple Choice
What is the laffer curve?
A theory that states a 100% income tax rate results in the most amount of money being collected by the government
A theory that attempts to explain how long people can laugh before they find everything unfunny
A theory which attempts to find the optimal income tax rate that collects the most government revenue
The theory that no matter what the income tax rate is, the amount collected by the government will always be the same
- 8. Multiple Choice
What is Diminishing Returns
The theory that an increase in workers will result in a linear increase of output
The theory that the relationship between workers hired and output is exponential
The effect in which you keep getting served less and less food each time you order the same item at a restaurant
The theory that the relationship between workers hired and output is reverse exponential
- 9. Poll
This is a poll: How well do you think you grasp the concepts and theories I have explained in my lesson
I understand everything
I understand most of it
I understand some of it
I have learned nothing
- 10. Open Ended
Are there any economic-related topics you want to learn about? If so please write it down and I will include it in my next lesson
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