Economic Systems and Globalization
Explore the key concepts of economic systems including market economies, command economies, and globalization. Discover the distinguishing features of command systems, the meaning of laissez-faire, and the benefits of specialization in production. Test your knowledge with quiz questions on economic profits and more.
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Presentation Transcript
2a Economic Systems and Globalization This web quiz may appear as two pages on tablets and laptops. I recommend that you view it as one page by clicking on the open book icon at the bottom of the page.
2a Economic Systems and Globalization Economic Systems: Market Economies Command Economies Mixed Economies Globalization (Structural Adjustment) Economic Systems and the 5Es Circular Flow Model
1. Which of the following is a distinguishing feature of the command system? 1. Private ownership of capital 2. Central planning 3. Heavy reliance on markets 4. Widespread dispersion of economic power
1. Which of the following is a distinguishing feature of the command system? 1. Private ownership of capital 2. Central planning 3. Heavy reliance on markets 4. Widespread dispersion of economic power
2. The French term laissez-faire means: 1. there is no free lunch 2. let it be 3. circular flow 4. public ownership
2. The French term laissez-faire means: 1. there is no free lunch 2. let it be 3. circular flow 4. public ownership
3. Specialization in production is economically beneficial primarily because it: 1. Allows everyone to have a job they like 2. Facilitates trade by bartering 3. Guarantees full employment 4. Permits more output from the same resources
3. Specialization in production is economically beneficial primarily because it: 1. Allows everyone to have a job they like 2. Facilitates trade by bartering 3. Guarantees full employment 4. Permits more output from the same resources
4. Economic profits in an industry suggest the industry: 1. Can earn more profits by increasing the price 2. Should be larger to satisfy consumers 3. Has excess capacity 4. Is the correct size for consumers
4. Economic profits in an industry suggest the industry: 1. Can earn more profits by increasing the price 2. Should be larger to satisfy consumers 3. Has excess capacity 4. Is the correct size for consumers
5. The invisible hand promotes society s interest because: 1. Individuals pursuing their self-interest will produce goods that people want 2. Individuals will produce goods for others out of concern for their fellow human beings 3. It makes sure that everybody wins from competition 4. Government regulation pushes businesses into producing the right mix of goods
5. The invisible hand promotes society s interest because: 1. Individuals pursuing their self-interest will produce goods that people want 2. Individuals will produce goods for others out of concern for their fellow human beings 3. It makes sure that everybody wins from competition 4. Government regulation pushes businesses into producing the right mix of goods
6. The coordination problem in centrally planned economies refers to the idea that: 1. Planners had to direct required inputs to each enterprise 2. The price level and the level of employment are inversely related 3. The immediate effect of more investment was less consumption 4. exports had to equal imports for a central plan to work
6. The coordination problem in centrally planned economies refers to the idea that: 1. Planners had to direct required inputs to each enterprise 2. The price level and the level of employment are inversely related 3. The immediate effect of more investment was less consumption 4. exports had to equal imports for a central plan to work
7. Which of the following is a policy commonly associated with structural adjustment? 1. Trade restrictions 2. Import substitution 3. Price controls 4. Privatization 5. Nationalization
7. Which of the following is a policy commonly associated with structural adjustment? 1. Trade restrictions 2. Import substitution 3. Price controls 4. Privatization 5. Nationalization
Structural Adjustment Policies Privatization Promotion of Competition Reduced Role of Government Removing Price Controls Freer Trade and Convertible Currency Foreign Investment
8. Which of the following most likely will NOT occur as a result of structural adjustment? 1. More economic equality 2. More economic growth 3. More productive efficiency 4. More allocative efficiency
8. Which of the following most likely will NOT occur as a result of structural adjustment? 1. More economic equality 2. More economic growth 3. More productive efficiency 4. More allocative efficiency
9 In the soap factory discussed in the Poland Case Study video 350, workers were laid off "BUT PRODUCTION MORE THAN DOUBLED . Which E is being achieved? 1. Economic Growth 2. Allocative Efficiency 3. Productive Efficiency 4. Full Employment 5. Equity
9 In the soap factory discussed in the Poland Case Study video 350, workers were laid off "BUT PRODUCTION MORE THAN DOUBLED . Which E is being achieved? 1. Economic Growth 2. Allocative Efficiency 3. Productive Efficiency 4. Full Employment 5. Equity
10. A worker in the soap factory discussed in the Poland Case Study video said, Our product is much better now. It is for the market. . Which E is being achieved? 1. Economic Growth 2. Allocative Efficiency 3. Productive Efficiency 4. Full Employment 5. Equity
10. A worker in the soap factory discussed in the Poland Case Study video said, Our product is much better now. It is for the market. . Which E is being achieved? 1. Economic Growth 2. Allocative Efficiency 3. Productive Efficiency 4. Full Employment 5. Equity
11. Flow 3 represents: 1. Wages, rents, interest, profits 2. Land, labor, capital, entrepreneurs 3. Goods and services 4. Consumer expenditures
11. Flow 3 represents: 1. Wages, rents, interest, profits 2. Land, labor, capital, entrepreneurs 3. Goods and services 4. Consumer expenditures
