Economics Unit 4 Review

What tool can we use to track the growth of the national debt?

• The Debt Clock

• Supply and Demand

• PPC Graphing

• Free Market Trends

The cyclical changes in our economy are known as the

What does this image represent?

• Capitalism

• Supply and Demand

• The Business Cycle

• The Production Frontier

What is an economic system that emphasizes private ownership and control of businesses and resources, and relies on market forces to determine prices and allocate resources.

• Socialism
• Free Market Capitalism

• Feudalism
• Command Market Communism

Price Controls would NOT be apart of which economic system?

• Planned Economy
• Mixed Economy
• Socialist Economy
• Free Market Economy

By allowing individuals the freedom to choose what to buy, sell, and produce based on their preferences and resources, what kind of economic system is created?

• Planned economy
• Barter system
• Command economy
• Market economy

The idea that government intervention should be limited, and the free market should be allowed to operate with minimal interference would most likely match with which of the following economists?

• Paul Krugman
• Milton Friedman
• Karl Marx

• John Maynard Keynes

The government taking an active role in managing economic cycles through fiscal and monetary policies would most likely match which of the following economists?

• Friedrich Hayek
• John Maynard Keynes
• Milton Friedman
• Adam Smith

The idea that man's own self interest will guide the economy would most likely match with which of the following economists?

• Adam Smith
• John Maynard Keynes
• Milton Friedman
• Karl Marx

The idea that the Federal Banking system controlling the level of currency is a key aspect of helping the economy would most likely match with which of the following economists?

• Milton Friedman
• Friedrich Hayek
• Adam Smith
• John Maynard Keynes