Economics and government test review Flashcards

1
Q

What are the three basic questions that every economic system must answer.

A

What goods/services are produced? How will they be made? Who will consume them

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2
Q

What are the three economic systems.

A

Command, Market, and traditional.

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3
Q

The former Soviet Union was an example of what kind of economic system.

A

Command

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4
Q

Which economic system allows for the most individual freedom

A

Market

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5
Q
  1. In which economic system does the government have the most control?
A

Command

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6
Q

In which economic system do individuals do things based on customs & beliefs?

A

Traditional

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7
Q

What is the economic system of most communist countries?

A

Command

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8
Q

How do traditional economies exchange goods?

A

Bartering

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9
Q

Which country is closest to a true Market economy?

A

United States

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10
Q

Most democratic countries have which type of economic system?

A

Market

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11
Q

The government makes ALL economic decisions.

A

Command

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12
Q

In this system, your parents were peanut farmers, now you have be a peanut farmer too.

A

Traditional

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13
Q

Most democratic countries are this.

A

Market

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14
Q

Cuba is close to having this type of system.

A

Command

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15
Q

Business (ran by private citizens) determine what goods/services are produced and how they
will be made.

A

Market

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16
Q

Which Economic system uses Bartering instead of money

A

Traditional

17
Q

Communist countries are closely related to this economic system.

A

Command

18
Q

Businesses make economic decisions, but the government regulates them to make sure
they’re safe/fair.

A

Market

19
Q

Australia’s economic system is close to this.

A

Market

20
Q

A literate person is one who can

A

Read and write

21
Q

What does “literacy rate” mean?

A

People 15 and up that can read and write

22
Q

Draw arrows to represent the relationship between literacy rate and standard of living:

A

If one is high the other is too, if one is low so is the other.

23
Q

Describe the “cycle of poverty”:

A

Once a community reaches poverty it is stuck there for generations

24
Q

What things can a literate person expect to have in his or her life?

A

A high standard of living

25
Q

What are the two types of government?

A

Limited and unlimited

26
Q

Which type of government limits govt power & prevents it from taking advantage of people?

A

Limited government

27
Q

What are the 2 types of Limited Govt?

A

Direct and representative

28
Q

Give an example of a limited govt ruler.

A

President constitutional monarchy

29
Q

which type of government is not limited by any laws?

A

Unlimited

30
Q

Give an example of an unlimited government ruler.

A

Dictator, absolute monarchy