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Economic Systems - Chapter 2

Quiz by Julie

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34 questions
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  • Q1
    Which of the following is NOT characteristic of a centrally planned economy?
    The central government owns all land and capital
    Each person is assigned a job.
    Each collective or factory sets its own goals.
    The central government makes all economic decisions.
  • Q2
    What is the struggle among various producers for the consumer's business called?
  • Q3
    Why does even a free market economy need some government intervention?
    so that the government has some control over factor resources.
    to make sure that the government can fulfill its needs for military personnel.
    to provide for things that the marketplace does not address.
    to ensure that the government has the freedom to tax as necessary
  • Q4
    Which of the following is NOT a key economic question?
    What goods and services should be produced?
    How should these goods and services be produced?
    Who consumes these goods and services?
    How should it be ensured that goods and services are paid for?
  • Q5
    What does the process of specialization do for an economy?
    It makes it more efficient.
    It fosters competition.
    It makes it easier to control.
    It eliminates unemployment.
  • Q6
    How could the Chines economy be characterized?
    centrally planned.
    mixed, but on the side of free market.
    free market.
    mixed, but on the side of centrally planned.
  • Q7
    What is one of the most important advantages of a free market?
    It is easy to regulate.
    It protects the less fortunate.
    It can change rapidly.
    It encourages growth.
  • Q8
    What incentive motivates a manufacturer to sell a product?
    popularity of the product.
    pleasing the consumer.
    putting others out of business.
    Making profits on sales
  • Q9
    Which of the following was a free market philosopher?
    Friedrich Engles
    Adam Smith
    Karl Marx
    Vladimir Lenin
  • Q10
    Which of the following is characteristic of a traditional economy?
    Children tend to have the same jobs as their parents did.
    Communities tend to be fast-growing.
    They have a high standard of living.
    They are usually based on light industrial production.
  • Q11
    What is a product market?
    The market in which income is received for supplying land, labor, or capital.
    The market in which payments are received for selling product to consumers.
    The market in which households purchase the goods and services that firms produce.
    The market in which firms purchase the factors of production from households.
  • Q12
    In what kind of an economy does the government make all the decisions?
    Laissez Faire
    Centrally Planned
    Free Enterprise
  • Q13
    What is the purpose of competition?
    To cause producers to attempt to put each other out of business.
    To act as a regulating force in the marketplace.
    To cause buyers to have to be careful about spending their money.
    To act as a motivating force behind the free market.
  • Q14
    What is the function of an economic system?
    To make sure people are paid for their labor.
    To produce and distribute goods and services.
    To make sure all people have equal access to goods.
    To give all producers the same access to consumers.
  • Q15
    Which of the following is a condition that most people would not expect the safety net of the government to provide for?
    natural disasters
    low income

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