WorksheetsMagruder 23 (all) Test. Economc Systems.
Total questions: 51
Worksheet time: 26mins
What is the best definition of economics?
The study of agriculture and geography.
How representation is determined in society.
How goods and services are distributed in society.
Capitalism, Socialism and Communism are the 3 forms of economic systems, but in reality there are only these two types....
Socialist or Communist.
More free or less free.
Democratic or Republican
What are the factors of production?
The lowest prime numbers.
Earth, wind and fire.
Animals, humans and machines.
Basic things needed to make goods and services.
What are the people who do the work called?
Proletariat
Bourgeoisie
Entrepreneurs
Management
What is the money, machines and buildings used to make stuff called?
Management
Entrepreneurs
Capital
Labor
What does an entrepreneur, or enterpriser do?
Figures out ways to make money.
Works in a scientific laboratory.
Teaches in college.
Cooks food in a restaurant.
What is another way to say "Free Enterprise System?"
Command Economy
Socialism
Capitalism
Planned economy
What is the key of a "Free Market Economy?"
Central planning.
Government.
Individuals are free to chose.
The good of the nation.
What does Capitalism emphasize the most?
The right of the government to protect people.
The right of the individual to decide, good or bad.
The good of the whole.
Who decides wages and prices in a "free market" or "capitalist" economy?
The state (government).
Individuals.
Central planning boards.
In a free market economy you are free to...
Buy or sell what you want for whatever price the state determines.
Buy and sell whatever you want for whatever price you wish.
What role does "competition" play in a free market?
Helps keep prices lower and products better.
It leads to high priced goods at a lower quality.
The law of supply and demand predicts that when supply is high....
Prices tend to be higher.
Price tend to be lower.
The law of supply and demand predicts that when demand is high....
Prices tend to be higher.
Prices tend to be lower.
When there are lots of bidders at an auction bidding on the same thing....
It usually sells at a higher price.
it usually sells at a lower price.
If there are few bidders, the selling price tends to be...
Higher.
Lower.
A monopoly is when one business...
fails and closes.
becomes super successful and takes over.
Adam Smith's "Invisible Hand" means that if the government just leaves people alone.....
They will arrange things for the best.
They will mess things up for the worse.
What kind of economic system best describes the U.S.A.?
Planned/Socialist/Command.
Free Market/Capitalist/Laissez Faire
Mixed.
Is a law prohibiting workers from working more than 35 hours per week an example of "Laissez Faire?"
Yes.
No.
A corporation is a business owned by...
One person.
The government.
Partners
Stock Holders.
What economic idea of Socialism stress?
Freedom and liberty.
Individualism.
Competition.
The equal distribution of wealth.
How does Socialism attempt to equalize the distribution of wealth?
Through collective (group) ownership of the means of production.
By allowing individuals the freedom to do as they please.
What is "central planning?"
When political elites decide most important things.
When individuals decide for themselves what's important.
Which does socialism value more?
The individual, freedom and opportunity.
The nation and equality.
Social justice and preserving and protecting the environment.
What is "The Communist Manifesto?"
A book by Karl Marx explaining Communism/Socialism.
A book by Karl Marx explaining the evolution of apes from man..
A book by Thomas Paine about and "invisible hand."
Who are the "proletariat?"
The poor workers.
Rich entrepreneurs.
The political elite.
Who are the bourgeoisie?
The poor workers.
The political elite.
The capitalists/business owners.
What do "communists" believe?
That socialism can only be achieved with violence.
That socialism must only be achieved peacefully and democratically.
What is "Nationalism?"
When the government takes over privately owned property/businesses.
When people voluntarily give their property/businesses to the government to benefit the nation.
A "welfare state" is a country that....
is broke and has no money.
gives lots of services to it's people for "free."
Where does any country get the money to pay for "free" stuff that it gives away?
Donations.
Philanthropists.
Taxpayers.
Taxes in socialist or welfare state countries....
Tend to be very high.
Do not exist because everything is mostly free.
Tend to be very low.
What is a "centrally planned economy?"
One where individuals make most important economic decisions.
One where most important economic decisions are made by a political elite.
What is another word for a "centrally planned economy?"
Command Economy
Free Market Economy
Capitalist Economy
What is the appeal of Socialism?
It promises utopia and equality.
It promises freedom and independence.
Why might capitalism be unappealing to socialists?
It promises utopia.
It leaves people to their own devices and possibly fail.
It does NOT allow business to fail.
It discourages high profits.
What is the biggest negative about socialism?
Little freedom.
Low taxes.
Little central planning.
Encourages high profits.
What is "Collectivism?"
State (government) ownership of the means of production.
Individual ownership of the means of production.
Which is more important in a collectivist country?
The individual.
The Nation.
Collectivism says that nation is most important. This helps explain...
Why individual rights are often violated under Communism.
Why individual rights are very respected under Communism.
"Class struggle" is the Marxist belief that....
The rich oppress the poor.
Individuals are free to succeed.
Marx believed that "communists" need to use...
Peaceful means to bring on the proletariat revolution.
Violence to bring on a proletariat revolution.
Marx viewed religion as....
the most important thing for an individual's well being.
an opiate (drug) of the people.
What did Marx believe was necessary to reach his goal of a classless society?
Non-violent peaceful protest and democracy.
Authoritarianism, force and violence.
A "classless society" would mean that your family....
Is your mom, dad, sisters or brothers.
is the state, and it is more important than your mom, dad, sisters, etc.
In a communist country, "For the good of the people" means...
To benefit the most people in a nation.
Anything the government wants it to.
Collectivizing and Nationalizing is when the government takes control of your farm or business...
For not paying taxes.
For the good of the people.
Name the ruthless dictator of the Soviet Union (USSR) who murdered MILLIONS!
Karl Marx
Joseph Stalin
Adolf Hitler
Mao Zedong
Which was the ruthless dictator of the People's Republic of China who murdered MILLIONS!
Karl Marx
Joseph Stalin
Adolf Hitler
"Chairman" Mao Zedong.
What exists to prevent the United States government from falling into a nasty dictatorship?
Separation of powers/Checks and balances.
Federalism.
Ideas contained in the D.O.I. & the Bill of Rights.
All of the above.
