Economic System - Timelyhomework.com

Which of the following is
not a role of government in a mixed economy?

to fund education

to fund healthcare programs

to decide where people work

none of the above

2 points

QUESTION 2

In centrally-planned economies, the needs and wants of consumers are often ignored.

TRUE

FALSE

2 points

QUESTION 3

In a command economy, workers decide where they will work.

TRUE

FALSE

2 points

QUESTION 4

Fossil fuels are a limited resource.

TRUE

FALSE

2 points

QUESTION 5

In a free market, consumers make their own economic choices.

TRUE

FALSE

2 points

QUESTION 6

Economists who believe in
laissez faire think that the economy will be unable to take care of the needs of consumers if it is allowed to run on its own.

TRUE

FALSE

2 points

QUESTION 7

A centrally- planned economy is also known as…

a democracy.

a command economy.

a locally sourced economy.

none of the above

2 points

QUESTION 8

In a command economy the government controls the economic system and answers the three economic questions.

TRUE

FALSE

2 points

QUESTION 9

Which of the following political philosophies is followed by governments using command economies?

socialism

capitalism

democracy

none of the above

2 points

QUESTION 10

The United States government plays a limited role in its economy.

TRUE

FALSE

2 points

QUESTION 11

Freedom is an important economic goal in command economies.

TRUE

FALSE

2 points

QUESTION 12

The standard of living is low in traditional economies.

TRUE

FALSE

2 points

QUESTION 13

Farming is a primary economic activity of traditional economies.

TRUE

FALSE

2 points

QUESTION 14

A mixed economy combines practices of both traditional and command economies.

TRUE

FALSE

2 points

QUESTION 15

The government collects taxes from companies in the circular flow diagram.

TRUE

FALSE

2 points

QUESTION 16

In mixed economies, the government collects taxes to fund programs that help society.

TRUE

FALSE

2 points

QUESTION 17

Most economists that promote free market economies
strongly support government involvement in the economy.

TRUE

FALSE

2 points

QUESTION 18

Socialism is based on the idea that democracy should be used to ensure that wealth is dispersed fairly in a society.

TRUE

FALSE

2 points

QUESTION 19

Inflation influences the inner workings of a free-market.

TRUE

FALSE

2 points

QUESTION 20

In a command economy, the government controls the land, labor, and capital.

TRUE

FALSE

2 points

QUESTION 21

Which of the following is a role of government in a mixed economy?

to make all economic decisions

to control all factors of production

provide equal access to public goods and services

none of the above

2 points

QUESTION 22

In a command economy, the government does not decide where a person works.

TRUE

FALSE

2 points

QUESTION 23

A newly created product is an example of economic innovation.

TRUE

FALSE

2 points

QUESTION 24

Which of the following political philosophies is followed by governments using centrally-planned economies?

socialism

capitalism

democracy

none of the above

2 points

QUESTION 25

In a free market economy, only a small amount of products are provided to meet the demands of consumers.

TRUE

FALSE

2 points

QUESTION 26

Producers take money to a market and use it to purchase what they need and want.

TRUE

FALSE

2 points

QUESTION 27

Equity is an important economic goal in command economies.

TRUE

FALSE

2 points

QUESTION 28

Economist Adam Smith understood the need for some government __________.

officals

rebellion

involvement

none of the above

2 points

QUESTION 29

In centrally-planned economies, consumers do not have access to a variety of consumer goods.

TRUE

FALSE

2 points

QUESTION 30

Efficiency is not an important economic goal in command economies.

TRUE

FALSE

2 points

QUESTION 31

Importing goods prevents countries from interacting.

TRUE

FALSE

2 points

QUESTION 32

In centrally-planned economies, consumers have economic freedom and make many economic choices.

TRUE

FALSE

2 points

QUESTION 33

Which of the following factors does not influence the inner workings of a free-market?

taxes

politics

inflation

trade agreements

2 points

QUESTION 34

Producers in a free market should continually strive to meet the demands of consumers.

TRUE

FALSE

2 points

QUESTION 35

In centrally-planned economies, there are enough consumer goods.

TRUE

FALSE

2 points

QUESTION 36

During tough economic times, the federal government increases spending to encourage growth in the economy.

TRUE

FALSE

2 points

QUESTION 37

Governments in mixed economies support public goods and services by providing equal access to them.

TRUE

FALSE

2 points

QUESTION 38

Which of the following statements applies to a mixed economy?

Uses free market ideals and practices

The government makes all the economic decisions

The government has limited involvement in its activities

A and C

2 points

QUESTION 39

Inflation ensures that producers offer goods and services needed by society.

TRUE

FALSE

2 points

QUESTION 40

The term
laissez faire means:

hands off

buyer beware

we need guidance

none of the above

2 points

QUESTION 41

__________allows us to be more efficient and to use our resources effectively by focusing our time, talents, and resources on a few tasks.

Equity

Scarcity

Specialization

None of the above

2 points

QUESTION 42

Which of the following is NOT a basic economic goal?

equity

security

freedom

shortage

2 points

QUESTION 43

Availability is an important economic goal in command economies.

TRUE

FALSE

2 points

QUESTION 44

Which of the following is not an advantage of a free market?

scarcity

freedom

efficiency

availability

2 points

QUESTION 45

Communism is based on the idea that democracy should be used to ensure that wealth is dispersed fairly in a society.

TRUE

FALSE

2 points

QUESTION 46

Markets are regulated by the “invisible hand.”

TRUE

FALSE

2 points

QUESTION 47

In free market, producers continually strive to meet the demands of consumers.

TRUE

FALSE

2 points

QUESTION 48

There is little incentive to improve the economy in centrally-planned economies.

TRUE

FALSE

2 points

QUESTION 49

In a free market economy, consumers perform a job and earn money.

TRUE

FALSE

2 points

QUESTION 50

_________ encourages countries to interact.

Profit

Competition

Importing goods

None of the above

	to fund education
	to fund healthcare programs
	to decide where people work
	none of the above

	a democracy.
	a command economy.
	a locally sourced economy.
	none of the above

	to make all economic decisions
	to control all factors of production
	provide equal access to public goods and services
	none of the above

	Uses free market ideals and practices
	The government makes all the economic decisions
	The government has limited involvement in its activities
	A and C

	TRUE
	FALSE

	TRUE
	FALSE

	TRUE
	FALSE

	TRUE
	FALSE

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