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Economic Systems and Decision Making CH2

Quiz by Paul Bachman

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19 questions
Show answers
  • Q1
    Societies embrace economic systems to deal with the fundamental problem of
    all of these
    Scarcity
    Socialism
    Market Economies
    30s
  • Q2
    The way the 19th century Inuit tribe divided the spoils of the hunt demonstrates a
    market economy
    traditional economy
    mixed economy
    command economy
    30s
  • Q3
    production questions are answered by the government.
    traditional economy
    market economy
    command economy
    30s
  • Q4
    the economic questions are answered by the buying and selling of individuals
    command economy
    traditional economy
    market economy
    30s
  • Q5
    a system which controls most or some of the productive resources
    capitalism
    Marxism
    socialism
    30s
  • Q6
    Which of the following is an advantage of the traditional economy?
    property rights are based on tradition
    creativity and original thought are rewarded
    there is no bureaucracy to interfere with organizing the economy
    everyone knows what their role is
    30s
  • Q7
    How is the principle of "There is no such thing as a free lunch" illustrated in a socialist economy?
    market places in a socialist economy are free for anyone to enter
    they offer advantages to the wealthy at the expense of those less well off
    they offer extensive government services but have high taxes
    socialist economies tend to collapse when they become too large
    30s
  • Q8
    Which statement best describes the communist ideal?
    a classless society where workers are motivated by financial incentives ($)
    a classless society in which everyone works for the common good
    the working class is motivated by incentives to produce goods
    a small ruling class administers resources for the common good
    30s
  • Q9
    Why did Sweden move from socialism to a mixed economy in the 1980s?
    government decided that health and welfare benefits were no longer needed
    citizens objected to the nations high rate of taxation
    government decided that opening the countries petroleum industry would boost the economy
    citizens demanded the elements of communism be adopted
    30s
  • Q10
    North Korea and Cuba are mixed economies
    False - Command
    False - Traditional
    True
    False - Market
    30s
  • Q11
    Who did Karl Marx feel would benefit from socialism?
    property owners
    capitalists
    Workers
    government
    30s
  • Q12
    Which is an accurate statement about mixed economies?
    there are more mixed economies in the world than any other kind
    nations with mixed economies always evolve into command economies
    very few economies are mixed economies
    mixed economies exist in nations that have communist governments
    30s
  • Q13
    There is always some form of government control in a mixed economy.
    False
    True
    30s
  • Q14
    An independent Polish labor union founded by by Lech Walesa in 1980.
    Solidarity
    GDP
    perestroika
    keiretsu
    30s
  • Q15
    Fundamental restructuring of the soviet economy under Mikhail Gorbachev
    Perestroika
    Solidarity
    Keiretsu
    GDP
    30s

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