Economic Systems Test

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

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?

Front

What does government provide with the revenue it takes in from taxes?

Back

Public goods and services

Front

Which of the following is an example of a public good in America? highways, banks, telecommunications, air travel

Back

highways

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

Front

Mercantilism measured a nation's wealth primarily by its

Back

reserves of gold and silver.

Front

The favorable balance of trade that mercantilist countries sought to maintain refers to

Back

a higher amount of exports than imports.

Front

Who controls and regulates trade in a mercantilist economy?

Back

The government

Front

What did Adam Smith define as the root problem of mercantilism?

Back

its definition of wealth as money

Front

Identify the famous book written by economist Adam Smith

Back

An Enquiry into the Nature and Causes of Wealth of Nations