Posted: December 1st, 2022

Economic System

Question description

Which of the following is not a role of government in a mixed economy?to fund educationto fund healthcare programsto decide where people worknone of the above2 points  QUESTION 2In centrally-planned economies, the needs and wants of consumers are often ignored.TRUEFALSE2 points  QUESTION 3In a command economy, workers decide where they will work.TRUEFALSE2 points  QUESTION 4Fossil fuels are a limited resource.TRUEFALSE2 points  QUESTION 5In a free market, consumers make their own economic choices.TRUEFALSE2 points  QUESTION 6Economists who believe in laissez faire think that the economy will be unable to take care of the needs of consumers if it is allowed to run on its own.TRUEFALSE2 points  QUESTION 7A centrally- planned economy is also known as…a democracy.a command economy.a locally sourced economy.none of the above2 points  QUESTION 8In a command economy the government controls the economic system and answers the three economic questions.  TRUEFALSE2 points  QUESTION 9Which of the following political philosophies is followed by governments using command economies?socialismcapitalismdemocracynone of the above2 points  QUESTION 10The United States government plays a limited role in its economy.TRUEFALSE2 points  QUESTION 11Freedom is an important economic goal in command economies.TRUEFALSE2 points  QUESTION 12The standard of living is low in traditional economies.TRUEFALSE2 points  QUESTION 13Farming is a primary economic activity of traditional economies.TRUEFALSE2 points  QUESTION 14A mixed economy combines practices of both traditional and command economies.TRUEFALSE2 points  QUESTION 15The government collects taxes from companies in the circular flow diagram.TRUEFALSE2 points  QUESTION 16In mixed economies, the government collects taxes to fund programs that help society.TRUEFALSE2 points  QUESTION 17Most economists that promote free market economies strongly support government involvement in the economy.TRUEFALSE2 points  QUESTION 18Socialism is based on the idea that democracy should be used to ensure that wealth is dispersed fairly in a society.TRUEFALSE2 points  QUESTION 19Inflation influences the inner workings of a free-market.TRUEFALSE2 points  QUESTION 20In a command economy, the government controls the land, labor, and capital.TRUEFALSE2 points  QUESTION 21Which of the following is a role of government in a mixed economy?to make all economic decisionsto control all factors of productionprovide equal access to public goods and servicesnone of the above2 points  QUESTION 22In a command economy, the government does not decide where a person works.TRUEFALSE2 points  QUESTION 23A newly created product is an example of economic innovation.TRUEFALSE2 points  QUESTION 24Which of the following political philosophies is followed by governments using centrally-planned economies?socialismcapitalismdemocracynone of the above2 points  QUESTION 25In a free market economy, only a small amount of products are provided to meet the demands of consumers.TRUEFALSE2 points  QUESTION 26Producers take money to a market and use it to purchase what they need and want.TRUEFALSE2 points  QUESTION 27Equity is an important economic goal in command economies.TRUEFALSE2 points  QUESTION 28Economist Adam Smith understood the need for some government __________.  officalsrebellioninvolvementnone of the above2 points  QUESTION 29In centrally-planned economies, consumers do not have access to a variety of consumer goods.TRUEFALSE2 points  QUESTION 30Efficiency is not an important economic goal in command economies.TRUEFALSE2 points  QUESTION 31Importing goods prevents countries from interacting.TRUEFALSE2 points  QUESTION 32In centrally-planned economies, consumers have economic freedom and make many economic choices.TRUEFALSE2 points  QUESTION 33Which of the following factors does not influence the inner workings of a free-market?taxespoliticsinflationtrade agreements2 points  QUESTION 34Producers in a free market should continually strive to meet the demands of consumers.TRUEFALSE2 points  QUESTION 35In centrally-planned economies, there are enough consumer goods.TRUEFALSE2 points  QUESTION 36During tough economic times, the federal government increases spending to encourage growth in the economy.TRUEFALSE2 points  QUESTION 37Governments in mixed economies support public goods and services by providing equal access to them.TRUEFALSE2 points  QUESTION 38Which of the following statements applies to a mixed economy?Uses free market ideals and practicesThe government makes all the economic decisionsThe government has limited involvement in its activitiesA and C2 points  QUESTION 39Inflation ensures that producers offer goods and services needed by society.TRUEFALSE2 points  QUESTION 40The term laissez faire means:hands offbuyer bewarewe need guidancenone of the above2 points  QUESTION 41__________allows us to be more efficient and to use our resources effectively by focusing our time, talents, and resources on a few tasks.EquityScarcitySpecializationNone of the above2 points  QUESTION 42Which of the following is NOT a basic economic goal?equitysecurityfreedomshortage2 points  QUESTION 43Availability is an important economic goal in command economies.TRUEFALSE2 points  QUESTION 44Which of the following is not an advantage of a free market?scarcityfreedomefficiencyavailability2 points  QUESTION 45Communism is based on the idea that democracy should be used to ensure that wealth is dispersed fairly in a society.TRUEFALSE2 points  QUESTION 46Markets are regulated by the “invisible hand.”TRUEFALSE2 points  QUESTION 47In free market, producers continually strive to meet the demands of consumers.TRUEFALSE2 points  QUESTION 48There is little incentive to improve the economy in centrally-planned economies.TRUEFALSE2 points  QUESTION 49In a free market economy, consumers perform a job and earn money.TRUEFALSE2 points  QUESTION 50_________ encourages countries to interact.ProfitCompetitionImporting goodsNone of the above

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