Ch 4 Economic Systems Essential Questions Quiz

Which one is an economic system

• traditional

• market

• command

• all of the above

Name one disadvantage of a traditional economy.

• There societies are very slow to change

• There societies floruish quickly

• They offer total choice in what their societies need

• There are no disadvantages

What is the name given to the idea that private individuals or groups have the right to own property or businesses.

• socialism

• communism

• free enterprise

• democratic socialism

In a free enterprise system, what kind of people usually slip into poverty?

• Weak

• Sick

• disabled

• all of the above

What is the government's main economic task in a free market?

• To preserve the comman economy

• To look out for poor and weak

• to decide what the people need

• To preserve the free market.

What are taxes used for in a command economy?

• make it available to oligarchs for their budgetary discretetion

• to lend out to entrepenuers

• support social services, such as housing and healthcare

• to make life easier for the job creators

Who owns property under communism?

• It is owned by foreign corporations

• It is collectively owned.

• it is owned by private corporations

• its is owned by private individuals

How do economies grow under a communist economy?

• very fast

• there is absolutely no growth

• the growth is not measureable

• Slow or not at all

What do countries like China and Vietnam hope to gain from allowing some free enterprise?

• population growth

• economic growth

• cultural diversity

• political growth

What do countries like Western Europe that are democratic socialist offer their people?

• Basic human rights

• collective land ownership

• free business development

• cultural diffusion