ECONOMICS 12 First Term Exam Review

What economic system is used when questions are primarily answered by people who make supply and demand decisions in their own best interests?

What economic system stems from ritual or habit where their roles are defined by the customs of their elders and ancestors?

What economic system is used when tradition, government, and markets answer some of the what, how, and for whom questions of production?

What economic system is used when a central authority or the government makes the major decisions about what, how, and for whom to produce?

Which of the following economic systems possesses the disadvantage of losing the individual freedom to choose?

Which of the following economic systems possesses the advantage of knowing one's role in the community?

Which of the following economic systems possesses the disadvantage of discouraging new ideas and new ways of doing things that lead to stagnation and lower standard of living?

Which of the following economic systems possesses the advantage of having a high degree of consumer satisfaction?

Which of the following economic systems possesses the advantage of allowing most citizens to receive some goods and services that they would otherwise not be able to afford?

Which country is an example of a capitalist country?

Which of these statements apply to present-day Sweden?

The fundamental restructuring of the Soviet economy introduced by President Mikhail Gorbachev is _______________.

The independent Polish labor union founded in 1980 and is influential in securing a number of political freedoms in Poland is _______________.

Capitalistic ideal promotes a classless society in which everyone works for the common good.

Citizens in Sweden objected to the nation’s high rate of taxation that's why they moved from socialism to a more mixed economy.

South Korea’s economic growth in the late 20th century proved that capitalism can restore a damaged economy.

Gosplan is the attempt to quickly revolutionize industrial and agricultural production in China.

Keiretsu is an independently owned group of Japanese business firms united to regulate competition in the market.