Economic Systems and Decision Making CH2
Quiz by Paul Bachman
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19 questions
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- Q1Societies embrace economic systems to deal with the fundamental problem ofall of theseScarcitySocialismMarket Economies30s
- Q2The way the 19th century Inuit tribe divided the spoils of the hunt demonstrates amarket economytraditional economymixed economycommand economy30s
- Q3production questions are answered by the government.traditional economymarket economycommand economy30s
- Q4the economic questions are answered by the buying and selling of individualscommand economytraditional economymarket economy30s
- Q5a system which controls most or some of the productive resourcescapitalismMarxismsocialism30s
- Q6Which of the following is an advantage of the traditional economy?property rights are based on traditioncreativity and original thought are rewardedthere is no bureaucracy to interfere with organizing the economyeveryone knows what their role is30s
- Q7How 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 enterthey offer advantages to the wealthy at the expense of those less well offthey offer extensive government services but have high taxessocialist economies tend to collapse when they become too large30s
- Q8Which 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 goodthe working class is motivated by incentives to produce goodsa small ruling class administers resources for the common good30s
- Q9Why did Sweden move from socialism to a mixed economy in the 1980s?government decided that health and welfare benefits were no longer neededcitizens objected to the nations high rate of taxationgovernment decided that opening the countries petroleum industry would boost the economycitizens demanded the elements of communism be adopted30s
- Q10North Korea and Cuba are mixed economiesFalse - CommandFalse - TraditionalTrueFalse - Market30s
- Q11Who did Karl Marx feel would benefit from socialism?property ownerscapitalistsWorkersgovernment30s
- Q12Which is an accurate statement about mixed economies?there are more mixed economies in the world than any other kindnations with mixed economies always evolve into command economiesvery few economies are mixed economiesmixed economies exist in nations that have communist governments30s
- Q13There is always some form of government control in a mixed economy.FalseTrue30s
- Q14An independent Polish labor union founded by by Lech Walesa in 1980.SolidarityGDPperestroikakeiretsu30s
- Q15Fundamental restructuring of the soviet economy under Mikhail GorbachevPerestroikaSolidarityKeiretsuGDP30s