ECON_Video Review_Nov 10

What is the main goal of socialism?

• To create a classless society
• To promote individual ownership of the factors of production
• To maximize profits for businesses
• To provide free access to education and healthcare

Which economic system is characterized by government control over production and distribution of goods?

• Communism
• Capitalism
• Socialism
• Laissez-faire

Which of the following is NOT a characteristic of a planned economy?

• Equal distribution of wealth
• Private ownership of the factors of production
• Centralized economic planning
• Limited consumer choice

What is the main difference between planned and market economies?

• The type of goods and services produced
• The level of government control over the factors of production
• The distribution of wealth
• The role of consumer choice

Which of the following is NOT a factor of production according to Karl Marx?

• Land
• Labor
• Capital
• Technology

Which of the following is NOT a characteristic of a command economy?

• Government control over production and distribution
• Private ownership of the factors of production
• Centralized economic planning
• Limited consumer choice

Which of the following is NOT a factor of production?

• Land
• Labor
• Technology
• Money

What are the three main questions that an economic system must answer?

• What to produce, how to produce it, and how to distribute it
• What to buy, how to buy it, and who gets it
• What to produce, how to distribute it, and who gets it
• What to produce, how to produce it, and who gets it

What is the term used to describe the idea that consumer preferences guide production in a free market economy?

• The invisible hand
• The planned economy
• The command economy
• The laissez-faire approach

Which of the following is NOT a characteristic of a free market economy?

• Competition among businesses
• Consumer choice
• Government control over production and distribution
• Private ownership of the factors of production