Market Economy Review
Flashcard
•
Social Studies
•
9th - 12th Grade
•
Practice Problem
•
Hard
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18 questions
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1.
FLASHCARD QUESTION
Front
In a market economy, the basic economic decisions are driven by?
Back
individuals
2.
FLASHCARD QUESTION
Front
Which of the following characteristics does NOT describe the features of a command economy? Scarcity and rationing of goods often occur, the market is inefficient, there are fewer choices than in a market economy.
Back
Individuals can decide what to produce and how much to produce
3.
FLASHCARD QUESTION
Front
Which group of people ultimately determines the products that a command economy produces?
Back
Government Officials
4.
FLASHCARD QUESTION
Front
Capitalism is associated with all of the following characteristics EXCEPT __________
Back
government intervention in the economy's decision making process
5.
FLASHCARD QUESTION
Front
Cuba is clearly pursuing a gradual shift from a command to a market economy. Which of the following is NOT a possible benefit that could result from these economic reforms? Workers who work harder could get paid more than usual, There could be more production than before the reform, Cuba could have higher GDP growth, Workers could have a guaranteed income
Back
Workers could have a guaranteed income
6.
FLASHCARD QUESTION
Front
How can you determine that an economic transaction is voluntary?
Back
Because I act of my own free will
7.
FLASHCARD QUESTION
Front
People tend to work harder when an employer promises to increase their wages. The hard work is an effect of the incentive provided by the employer. True or False?
Back
True
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