Which of the following is NOT a disadvantage of a centrally planned economy?

It tries to meet explicitly stated goals.

Difficulty in responding to changes in demand

Inefficiency due to lack of competition

Why might Soviet economic planners have favored heavy industry over the makers of consumer goods?

The products of heavy industry provide material for many other industries.

To stimulate international trade

To promote a more balanced economy

To encourage innovation and technological advancement

Why might a socialist society have a less rigid command economy than a communist society?

In a socialist society, various political systems may be combined with public control of the economy.

Because socialist societies prioritize individual ownership and free market principles

Due to the absence of any economic planning in socialist societies

Because socialist societies have a stronger central government control

In most mixed economies, the government does NOT

own all the property and confiscate all economic output.

have no involvement in the economy

The United States governemnt intervenes to

keep order, provide vital services, and promote the general welfare.

How does information provided by the government influence consumer decisions?

Consumers do not buy products revealed to be dangerous.

Government-provided information has no impact on consumer decisions

Consumers ignore government-provided information when making decisions

Government-provided information confuses consumers and leads to poor decisions

Why do Americans want the government to intervene in their free enterprise economy?

To decrease economic stability and create uncertainty

To limit consumer choices and increase prices

To create a monopoly and control the market

In what two ways does the Bill of Rights protect and guarantee individuals’ freedom to engage in business activities?

Right to free speech and right to own property

Right to bear arms and right to vote

Right to privacy and right to assembly

Right to trial by jury and right to petition the government

What is the purpose of free enterprise?

To give consumers freedom of choice

To encourage government control and regulation

To limit individual freedom and creativity

To restrict economic competition and innovation

Why has America been referred to as “the land of opportunity”?

It provides anyone from any background the possibility of success through hard work.

Because it is known for its lack of diversity and inclusivity

Due to its reputation for providing limited opportunities for success

Because it has the highest unemployment rate in the world

What basic principles are fundamental to American free enterprise?

Private property, competition, profit motive, individual freedom, and voluntary exchange

Government control and regulation

Collective ownership and central planning

Restriction of competition and profit

Business cycles occur in free enterprise systems because

economic decisions about factors such as prices, production, and consumption are determined by the market.

The government encourages an increased level of productivity by

funding research and development projects at many levels.

reducing working hours for employees

cutting funding for education and training programs

Improved technology helps create a higher standard of living for future generations by

providing additional goods and services.

Stagnating economic growth and innovation

Decreasing access to education and healthcare

Increasing poverty and unemployment rates

How do public goods limit a free market economy?

They allow government, and not consumers, to make some economic decisions.

Public goods increase competition in the market

Public goods encourage efficient resource allocation in the market

Public goods have no impact on the free market economy

What is critical in determining whether something is produced as a public good?

Whether the benefits to society are greater than the total cost

Private ownership and competition

If a teacher decides to have her students volunteer at a community nursing home after school, which of the following would be a negative externality?

A student would be unable to work at her part-time job on that afternoon.

Students receiving valuable experience and learning opportunities

Improved relationships between the school and the nursing home

Increased sense of community and support for the nursing home

What is government’s role in controlling externalities in the American economy?

Government tries to encourage positive externalities and limit negative externalities.

encourages negative externalities and discourages positive externalities

Completely ignoring externalities

Implementing policies that have no impact on externalities

Various federal, state, and local government programs help to raise people’s standard of living because

Certain groups of people have fewer opportunities to be productive.

They want to encourage people to rely solely on government support

They want to limit individual freedom and independence

They want to create a culture of entitlement and dependency

Education programs make the economy more productive by

adding to human capital and labor productivity.

causing unemployment and economic decline

decreasing the skills and knowledge of the workforce

limiting access to education for the workforce

Health insurance for the elderly, the poor, and the disabled is provided by

Medicare and Medicaid under the Social Security program.

Medicare and Medicaid under unemployment

Medicare and Medicaid under education

The most common in-kind benefits are

food giveaways, food stamps, subsidized housing, and legal aid.

cars, electronics, and clothing

education, transportation, and entertainment

Econ chapter 2 and 3

Authored by Da'Janae Hatcher

Education

11th Grade

Used 5+ times

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49 questions

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MULTIPLE CHOICE QUESTION

1 min • 1 pt

A market which households purchase the goods and services that firms produce.

Product market

Factor market

Incentive

Specialization

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An expectation that encourages people to behave in a certain way.

Profit

Specialization

Incentive

Product market

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Power of consumers to decide what gets produced.

Factor market

Market

Consumer sovereignty

Factor market

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Market in which firms purchase the factors of production from households.

Profit

Product market

Incentive

Factor market

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Financial gain made in a transaction.

Specialization

Profit

Market

Incentive

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Concentration of productive efforts of individuals and firms on a limited number of activities.

Specialization

Product market

Consumer sovereignty

Profit

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An arrangement that allows for exchange among buyers and sellers.

Product market

Factor market

Market

Specialization

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Econ chapter 2 and 3

A market which households purchase the goods and services that firms produce.

An expectation that encourages people to behave in a certain way.

Power of consumers to decide what gets produced.

Market in which firms purchase the factors of production from households.

Financial gain made in a transaction.

Concentration of productive efforts of individuals and firms on a limited number of activities.

An arrangement that allows for exchange among buyers and sellers.

An economic system in which the central government makes all decisions on production and consumption of goods and services is a

When people earn income for supplying land, labor, capital, or entrepreneurship, they receive

An encyclopedia entry illustrating how a hunter-gatherer group collects and shares food resources is describing that society’s _______________________ .

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Education

Econ chapter 2 and 3

A market which households purchase the goods and services that firms produce.

An expectation that encourages people to behave in a certain way.

Power of consumers to decide what gets produced.

Market in which firms purchase the factors of production from households.

Financial gain made in a transaction.

Concentration of productive efforts of individuals and firms on a limited number of activities.

An arrangement that allows for exchange among buyers and sellers.

An economic system in which the central government makes all decisions on production and consumption of goods and services is a ​ ​

When people earn income for supplying land, labor, capital, or entrepreneurship, they receive ​ ​

An encyclopedia entry illustrating how a hunter-gatherer group collects and shares food resources is describing that society’s _______________________ .

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Education

An economic system in which the central government makes all decisions on production and consumption of goods and services is a

When people earn income for supplying land, labor, capital, or entrepreneurship, they receive