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Chapter 2 Review

Quiz by Maggie Maine

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20 questions
Show answers
  • Q1
    A system to protect people experiencing unfavorable economic conditions.
    economic freedom
    factor payments
    innovation
    safety net
    30s
  • Q2
    An economy that relies on habit, custom, or ritual to answer economic questions.
    innovative economy
    command economy
    traditional economy
    free market economy
    30s
  • Q3
    Each society answers the three basic economic questions based on
    its degree of economic growth
    its unique combination of values and goals
    the number of factor payments
    the desire to achieve economic freedom
    30s
  • Q4
    To improve its standard of living, a nation's economy must
    achieve economic equity
    allow the central government to make economic decisions.
    grow through innovation
    remain stable
    30s
  • Q5
    The ways in which factors of production are combined determines the answer to which economic question?
    How can we provide a safety net?
    How will goods be produced?
    Who will decide what is produced?
    What type of competition will exist?
    30s
  • Q6
    An individual's own person gain is ____________
    incentive
    market
    consumer sovereignty
    self-interest
    30s
  • Q7
    An arrangement that allows buyers and sellers to exchange things is a(n)
    market
    factor market
    consumer soverenigty
    incentive
    30s
  • Q8
    Markets exist primarily becuase
    people desire economic security
    no one is self-sufficient.
    firms need to make a profit
    we need to maintain a competitive society
    30s
  • Q9
    In a free market economy, who owns the factors of production?
    firms
    the market
    households
    individuals
    30s
  • Q10
    According to Adam Smith, what "invisible hand" regulates the free market economy?
    specialization
    economic equity
    competition and self-interest
    government intervention
    30s
  • Q11
    Requiring strict obedience to a state or leader
    traditional economy
    socialism
    economic equity
    authoritarian
    30s
  • Q12
    Apolitical system based on the belief that wealth should be evenly distributed
    traditional economy
    capitalism
    command economy
    socialism
    30s
  • Q13
    A socialist society has a more flexible command economy than a communist society because
    some free market practices can combine with central economic planning.
    the central government has all economic and political power.
    an authoritarian government controls the economy.
    the centers of economic power are all under private control.
    30s
  • Q14
    How did heavy industry in the Soviet Union avoid competition?
    The government banned the production of consumer goods.
    Farms were not in direct competition with heavy industry.
    The government determined prices, wages, and products.
    The government used profit as an incentive to entrepreneurs
    30s
  • Q15
    A major goal of socialist economies
    capitalism
    economic equality
    economic equity
    communism
    30s

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