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25 Cards in this Set
- Front
- Back
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Which of the following best explains why every society must find ways to answer the what, how, and who questions?
- people in business need that information - the government needs it to make decisions for the future - there is not enough resources to make all the things people want - the law requires it - none of these |
there is not enough resources to make all the things people want
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Gosplan is
- an economy's capital goods, including emergency plans in case of war - the state planning committee of the U.S. - the state planning committee in the former Soviet Union - a secret group that is really running the world economy |
the state planning committee in the former Soviet Union
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Where in the world can you find a traditional economy?
- South Africa - Canada - France - Germany |
South Africa
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In a market economy, which of these is most likely to happen?
- the price of goods will be set by the government - only goods made by hand will be offered for sale - the store keeper and the customer will determine the price of goods - stores will offer a wide range of products for sale - both c and d are good answers |
both c and d are good answers
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In a traditional economy, which of these is most likely to happen?
- the price is set by the government - store keepers will run the store in the same way as in 1950 - the store will offer a wide range of products for sale - today they may offer boots for sale, and tomorrow shoes |
store keepers will run the store in the same way as in 1950
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In a command economy, which of these is most likely to happen?
- the price is set by the government - store keepers will offer the same goods as they did in 1950 - the store will offer a wide range of products for sale - today they may offer boots for sale, and tomorrow shoes - both a and d are good answers |
the price is set by the government
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Generally speaking, the means of production in a free enterprise economy are:
- owned by the government - owned by individuals - the way that people decide the what, how, and who of production - the goods and services that the economy produces - none of these |
owned by individuals
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Individually decision making is greatest in which type of economy?
- command - capitaqlist/market - mixed market - traditional - both a and b |
both a and b
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Most modern natuions have what type of economic system?
- command - capitalist/market - mixed market - traditional - all of these |
mixed market
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The old Soviet Union failed as a nation because
- it was inefficient and its economic system did not work ell - the citizens rebelled and demanded more freedom - it was invaded by the U.S. and forced to become a capitalist state - the leaders were tired of making all the decisions and wanted time off - there was a revolution lead by Putin that forced the old leaders out |
It was inefficient and its economic system did not work well
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T/F Modern economic systems can best be described as mixed economies
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True
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T/F All economic systems are basically alike
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False
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T/F The command economy of the Soviet Union collapsed because it was inefficient.
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True
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T/F Free Enterprise and capitalism are generally found in a command economy
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False
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T/F The government owns most of the means of production in a command economic system
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True
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T/F Traditional societies can be found mostly in Western Europe and North America
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False
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T/F The U.S. is an example of command economy
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False
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T/F All governments must decide to put all their resources into guns or butter, but not both
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False
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T/F An economy's means of production are its capital, factories, farms, shops, and machinery
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True
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T/F Individual decision making is greatest in a market economic system
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True
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T/F In a traditional economic system, people produce goods and do things in ways that have been followed for generation
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True
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T/F In a command economy, if people hate their jobs, they can go back to school and change professions
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False
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T/F In a market economy, goods and services go to the people who have money and are willing to pay the price
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True
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T/F In a market economy, store keepers can charge any amount for their goods
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True
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T/F All economic systems must answer the same basic questions of what to produce, how to produce it, and who will receive the goods and services that are produced
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True
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