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Chapter 2 Review

Chapter 2 Review. Made by students. Section 1—Economic Systems. Made by students. 1. Which of the following does not discourage new ideas?. A. Command B. Traditional C. Market D. All of them do. 2. Which of the following best describes a command economy?. A. Found in the USA

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Chapter 2 Review

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  1. Chapter 2 Review Made by students

  2. Section 1—Economic Systems Made by students

  3. 1. Which of the following does not discourage new ideas? • A. Command • B. Traditional • C. Market • D. All of them do

  4. 2. Which of the following best describes a command economy? • A. Found in the USA • B. Individuals have little choice • C. Elders make the decisions • D. All of the above

  5. 3. Which type of economic system does America have? • A. Market • B. The hott! System • C. Command • D. Traditional

  6. 4. What are the three economic systems? • A. Trade, commerce and market • B. Trade, command and movement • C. Traditional, command and market • D. None of the above

  7. 5. Which economic system does not have the disadvantage of discouraging new ideas? • A. Traditional • B. Command • C. Market • D. None of the above

  8. 6. Which economic system only rewards productive resources? • A. Traditional • B. Command • C. Market • D. All of the above

  9. 7. Which is not an advantage for the command economy? • A. Stable and predictable life • B. Lacks government interference • C. Capable of dramatic change in a short time • D. Public services available for little or no cost

  10. 8. What economic system is found in South Korea? • A. Traditional • B. Command • C. Market • D. Both A and B

  11. 9. What economic system is found in tribes like the Australian Aborigines and Inuits? • A. Traditional • B. Command • C. Market • D. Free enterprise

  12. 10. Which of the following is not one of the three economic systems? • A. Traditional • B. Command • C. Autocratic • D. Market

  13. 11. In the market economy… • A. People face uncertainty as a result of competition • B. There is lack of gov’t interference • C. Public services are available for little or no cost • D. Both A and B

  14. 12. Which system pertains to the elders making the decisions? • A. Command • B. Traditional • C. Market • D. Government

  15. 13. In which system can markets fail? • A. Traditional • B. Command • C. Market • D. Stocks

  16. 14. Which country has a command economy? • A. China • B. Russia • C. North Korea • D. South Korea

  17. 15. Which system has decentralized decision making? • A. Traditional • B. Command • C. Market • D. All of the above

  18. 16. Which of the following is not a factor for a market economy? • A. Capable of dramatic change in a short amount of time • B. Individual freedom • C. High degree of consumer satisfaction • D. Lack of gov’t inference

  19. 17. Which country has a market economy? • A. Japan • B. USA • C. South Korea • D. All of the above

  20. 18. A traditional economy • A. Is decentralized • B. Is capable of dramatic change • C. Stems from ritual and habit • D. None of the above

  21. 19. What is an example of a traditional economic system? • A. Central authority; Cuba • B. Consumer satisfaction; United States • C. Ritualistic; Aborigines • D. Cybertron; Optimis Prime

  22. 20. What country has a command economy? • A. USA • B. Italy • C. England • D. Cuba

  23. 21. Which system is considered the most prosperous? • A. Traditional • B. Command • C. Market • D. Control

  24. 22. What is an advantage of a command economy? • A. Public services are provided for everyone • B. A variety of goods are produced • C. The markets may fail • D. A lack of gov’t interference

  25. 23. Which system is controlled by a central authority? • A. Traditional • B. Command • C. Market • D. None of the above

  26. 24. Who plays the biggest role in the market economy? • A. The government • B. Consumers • C. Warren Buffet • D. Bill Gates

  27. Section 2—Economic Goals of the United States Made by students

  28. 25. The “American Dream” is defined as • A. Having a fast car and a mansion • B. Growing up penniless and becoming a millionaire • C. Having a more prosperous life then one’s parents • D. Getting rich through sports

  29. 26. What is inflation? • A. A rise in the general level of prices • B. When you blow up a balloon • C. A fixed income • D. Economic growth

  30. 27. What unemployment rate do we want for full employment? • A. 6% • B. 5% • C. 8% • D. 2%

  31. 28. It is illegal to discriminate against • A. Gender • B. Age • C. Race • D. All of the above

  32. 29. Which of the following is not one of the seven economic goals? • A. Economic freedom • B. Economic security • C. Full employment • D. No one goes hungry

  33. 30. It is illegal to discriminate on the following except? • A. Gender • B. Age • C. Race • D. Criminal record

  34. 31. Economic freedom • A. The gov’t chooses your job • B. You do what your dad does • C. There is no such thing • D. People can choose for themselves

  35. 32. What can you choose with economic freedom? • A. How much you get paid • B. Where you work and who you vote for • C. Who you marry • D. Who dies

  36. 33. Which best describes economic equity? • A. Businesses choose where and how • B. Equal pay for equal work • C. Inflation • D. Only A and C

  37. 34. It is illegal to discriminate based on • A. Hair color • B. Weight • C. Religion • D. Shoe size

  38. 35. Which of the following goals is needed so people can have more goods and services? • A. Price stability • B. Economic security • C. Economic freedom • D. Economic growth

  39. 36. What doesn’t increase even though prices do? • A. Salary • B. Income • C. Fixed income • D. budget

  40. 37. Full employment means that everyone that ___ a job should have the right to earn ____. • A. Needs; an income • B. Wants; an income • C. Wants; social security • D. Needs; social security

  41. 38. Economic Efficiency means • A. All people have a job • B. The four factors are used wisely • C. Every cookie that is baked is eaten • D. All of the above

  42. 39. What is the economic security for retirement? • A. Medicare • B. Unemployment compensation • C. Social security • D. Both A and C

  43. 40. What does price stability mean? • A. Having stable prices makes it easier to budget • B. Keeping everything equal • C. Having prices go up and down • D. Both A and C

  44. 41. Which of the following is not an economic goal? • A. Economic freedom • B. Economic inflation • C. Economic equity • D. Economic security

  45. 42. Which economic goal is considered to protect people from discrimination? • A. Economic equity • B. Economic security • C. Economic efficiency • D. Economic freedom

  46. 43. What factors of production are wisely used for economic efficiency? • A. Land and labor • B. Capital • C. Entrepreneur • D. All of the above

  47. 44. Which of the following is not a part of economic security? • A. Insurance • B. Unemployment compensation • C. Social security • D. All are parts of economic security

  48. 45. It is legal to discriminate against • A. Race • B. Stinky breath • C. Age • D. Gender

  49. Section 3—Characteristics of a Market economy and the government’s role Made by students

  50. 46. Which characteristic of a market economy is the struggle among sellers to attract customers? • A. Protector • B. Competition • C. Promoter of national goals • D. Profit motive

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