Comparing Economic Systems

Comparing Economic Systems

by Ben Richard

Poll

What role should government play in the economic system?

• NO ROLE! Anarchy Forever!

• A limited role-rule of law, enforce contracts, and that's about it

• A moderate role-ensure fairness, social programs, government spending when needed

• Total role-no reason for private business

Multiple Choice

Which of these is an example of a capital good?

• new I phone

• clothing

• tractor used for farming

Multiple Choice

What % of businesses are "small" businesses?

• 50%

• 10%

• over 90%

Multiple Choice

This year's favorite holiday toy is the "Math Man 4000" action figure. Parents all over American want to buy this toy for their children. What is likely to happen to the price of the product?

• Price will stay the same

• Price will go down

• Price will go up

Multiple Choice

Which of these is an example of "voting" for products you like?

• You eat at your friend's restaurant, but the food is terrible. You never go back.

• You avoid eating at McDonald's for health reasons.

• You choose a high-protein diet, and repeatedly eat at restaurants that serve steak

• All of these

Multiple Choice

Which of these statements sums up Adams Smith's statement from the previous slide?

• "Individuals aren't smart enough to make economic decisions"

• "The economy runs best when government is in total control"

• "The economy runs best when individuals make their own decisions and government stays out of the way"

Multiple Choice

Most European countries have socialist economies today.

• True

• False

Multiple Choice

In what way does the US government use Keynesian economic theory today?

• Raising tariffs

• Giving out stimulus checks when the economy gets worse

• cutting taxes

Poll

According to Marx, which of these individuals should receive the highest pay?

• A doctor due to the expertise required and the long period of training

• A factory worker who sweats a lot

• A teacher who helps children learn to read and write

• A craftsman who makes their own candles

Multiple Choice

In the early 1930s, the Soviet Union (Stalin) collectivized agriculture in the Ukraine. Private land was outlawed, profits became illegal, and anyone trying to store food was accused of being a rich peasant hurting the cause. How many people died in the famine that ensued?

• 1 million

• 10,000

• 7-10 million

• 300