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.
True
False
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True
False
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True
False
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True
False
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North Korea
Hong Kong
Cuba
United States
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True
False
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Free markets (market economies)
Centrally (command) planned markets
Traditional markets
Mixed markets
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Laissez Faire
Communism
Deficit spending
The safety net
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True
False
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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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Adam Smith
Karl Marx
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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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True
False
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Traditional economies
Mixed economies
Centrally planned (command) economies
Market (free) economies
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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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Public good
Positive externality
Negative externality
Government safety net
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Centrally Planned
Free Market
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Positive
Negative
Both positive and negative
Neither positive nor negative
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Privatization
Nationalization
Business Freedom
Property Rights
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True
False
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What to produce
How much to charge
How to produce
Who gets it
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Free Market Capitalism
Centrally Planned Economic System
Traditional Economic System
None of the options
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Centrally Planned Economy
Free market Economy
Traditional Economy
Mixed Market Economy
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Free Market
Centrally Planned
Traditional economy
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Socialism
American Free Enterprise
Communism
Centrally Planned Economy
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U.S. Army
Highway 141
Pattee park
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Public Good
Laissez Faire
Invisible Hand
Positive Externality
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Free Market
Socialism
Communism
Inbisible Hand
Capitalism
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American free enterprise
Mixed market
Communism
Socialism
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