Economic Systems Test

Flashcard
•
Social Studies
•
11th - 12th Grade
•
Hard
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42 questions
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1.
FLASHCARD QUESTION
Front
Which of the following is the primary economic concern of a society? how to balance the public budget, how to best achieve its economic goals, how to sustain economic growth, how to acquire more economic resources
Back
how to best achieve its economic goals
2.
FLASHCARD QUESTION
Front
Which of the following is NOT one of the three basic questions of economics when looking at economic systems? What goods and services will be produced?, Who is responsible for producing goods and services?, How will goods and services be distributed to customers?
Back
What is the price of the goods?
3.
FLASHCARD QUESTION
Front
What does government provide with the revenue it takes in from taxes?
Back
Public goods and services
4.
FLASHCARD QUESTION
Front
Which of the following is an example of a public good in America? highways, banks, telecommunications, air travel
Back
highways
5.
FLASHCARD QUESTION
Front
Which of the following is characteristic of a welfare state? very high taxes, governmental ownership of businesses, economic leveling, laissez-faire economics
Back
very high taxes
6.
FLASHCARD QUESTION
Front
Mercantilism measured a nation's wealth primarily by its
Back
reserves of gold and silver.
7.
FLASHCARD QUESTION
Front
The favorable balance of trade that mercantilist countries sought to maintain refers to
Back
a higher amount of exports than imports.
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