This quiz covers 3 economic systems and the economists most associated with them. It covers the freedom index that rates the freedom of economies around the world and the characteristics of American Free enterprise.
Socialism
American Free Enterprise
Communism
Centrally Planned Economy
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American free enterprise
Mixed market
Communism
Socialism
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Adam Smith
Karl Marx
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Adam Smith
Karl Marx
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Free markets (market economies)
Centrally (command) planned markets
Traditional markets
Mixed markets
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Few economic freedoms and choices
Wealth is distributed unequally
Family traditions interfere with economic decisions.
There is no government safety net for the poor
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Very few economic choices
Not enough competition exists
Big gap between the poor and the wealthy
No economic freedom
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Equal distribution of resources.
Competition leads to innovation of new products.
There is an extensive safety net for the poor that ensures equality.
The government makes most decisions for its citizens.
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True
False
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True
False
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True
False
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True
False
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Privatization
Nationalization
Business Freedom
Property Rights
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Centrally Planned Economy
Free market Economy
Traditional Economy
Mixed Market Economy
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Public Good
Laissez Faire
Invisible Hand
Positive Externality
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What to produce
How much to charge
How to produce
Who gets it
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Traditional economies
Mixed economies
Centrally planned (command) economies
Market (free) economies
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North Korea
Hong Kong
Cuba
United States
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Laissez Faire
Communism
Deficit spending
The safety net
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True
False
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U.S. Army
Highway 141
Pattee park
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Positive
Negative
Both positive and negative
Neither positive nor negative
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Public good
Positive externality
Negative externality
Government safety net
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Free Market
Centrally Planned
Traditional economy
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Centrally Planned
Free Market
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True
False
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True
False
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Free Market Capitalism
Centrally Planned Economic System
Traditional Economic System
None of the options
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True
False
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