Economic $ystems

Which is NOT one of the 3 economic questions societies have to answer?

• What will we create?

• What will we produce

• How will we produce it?

• Who gets it?

Which of the following is NOT one of the Factors of Production?

• land

• labor

• control

• capital

Who and with which book came up with the classification of the factors of production?

• Karl Marx; Das Communism

• Karl Marx; Los Capitol

• Karl Lagerfeld; Das Kapital

• Karl Marx; Das Kapital

The government controls the factors of production a what kind of economy?

• demand

• command

• free market

• socialist

Abolition of private property .Classless society. A society where everyone owns the factors of production and output is distributed equally. What are these characteristics of?

• true capitalism

• true communism

• true free market

• true socialism

Which of the following are NOT countries that have seen themselves historically as communist

• China

• Canada

• Soviet Union

• Cuba

Both private property and some public ownership and control of industry. The goal is to meet specific collective objectives and to provide free and easy access to things like education and healthcare are characteristics of ____?

• social work

• social contract

• communism

• socialism

Individuals own the factors of production, and the government keeps its nose out of it and adopts a laissez faire or hands off approach to production, commerce and trade is which economic system?

• laissez faire

• free market

• command market

• socialist

The unintended social benefits resulting from individual economic actions.

• the invisible arm

• the invisible leg

• the invisible hand

• the invisible toe

What is the primary problem with monopolies?

• Slow response to change in executive hires

• Slow response to change because of the tastes and preferences of the consumer

• The unintended social benefits resulting from individual actions.

• Companies are totally responsive to the needs of the consumer