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Section 2 Test Part 1
Test Description: Economic Systems, Circular Flow, Economic Functions of Gov.
Instructions: Answer all questions to get your test result.
1) Proletariat is the term used by Karl Marx for who?
A
bosses
B
wealthy people
C
workers
D
poor people
2) National defense falls under the ______________ function of government.
A
Legal and Social Framework
B
Provide Public Goods and Services
C
Stabilize the Economy
3) Which of the following does the Role of Government not consist of?
A
Providing health insurance
B
Legal and Social Framework
C
Correcting for Externalities
D
Maintain Competition
4) Karl Smith was the father of socialist thinking.
A
False
B
True
5) Adam Smith was an individual who believed that the government should have control over the people in the economy.
A
False
B
True
6) The circular flow economic model represents a traditional economic flow.
A
False
B
True
7) Capitalism has spread to nearly every part of the world in a process that is known as _______________.
A
Free Enterprise
B
Free Market
C
Globalization
D
Supply and Demand
8) In a market economy, individuals choices are considered to be a part of how and for whom, but who decides to produce the good?
A
Government
B
Businesses
C
Consumers
9) A _____________ economy is some element of state control over the economy combined with the free enterprise.
A
Traditional
B
Command
C
Mixed
D
Market
10) In the circular flow model, everything flows from a business to a household on a ____________ basis.
A
irregular
B
unpredictable
C
Continual
D
informal
*select an answer for all questions
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