Business - Economic Systems Question Preview (ID: 16694)


Contrasting The Two Economic Systems. TEACHERS: click here for quick copy question ID numbers.

in the market system, the 3 econ questions are answered by...
a) individuals through buying and selling in the marketplace
b) government employees
c) animals
d) elected officials of the people

any place where buyers and sellers exchange goods and services for some form of $
a) marketplace
b) business
c) exchange
d) under the table

there are many countries who are either totally market or totally command
a) false
b) true
c) eh...maybe
d) uh uh

_________ of the people is always limited under a command economy
a) freedom
b) taxes
c) government
d) labor conditions

which would be a pro of capitalism/ market economy
a) more incentive to work
b) higher taxes
c) poor people are given more benefits
d) more labor unions to take care of workers

Which would be a pro of command/socialism
a) poor are given benefits
b) rich are given benefits
c) lower taxes
d) more freedom

Who is the father of communism
a) karl marx
b) Robert Owen
c) george bush
d) Vlad Lenin

According to Robert Owen what were the 3 evils he was trying to rid New Harmony of? (you will have to do research on this one)
a) traditional marriage, religion, private property
b) homosexuality, poor labor conditions, taxes
c) poverty, hate, greed
d) crime, islam, mistreatment of women

Which country answered the question of how goods and services are to be produced by having people produce steel by melting down their pots and pans?
a) China
b) Russia
c) Cuba
d) United States

which of the following is more likely to be found in a market economy?
a) competition
b) centralized planning
c) greed
d) deflation

which of the following countries is most command?
a) north korea
b) france
c) united states
d) canada

Which of the following economic questions does not fit?
a) when should goods be produced
b) for whom should the goods and services be produced?
c) what goods and services should be produced?
d) how should the goods and services be produced

what are transition economies?
a) countries moving from command to market
b) countries changing elected officials
c) countries moving from market to command
d) countries moving from agriculture to industrial

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