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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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