Test 6 - ISMs and OPOLYs Flashcards Preview

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Flashcards in Test 6 - ISMs and OPOLYs Deck (11)
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1
Q

Which ism advocates the stockpiling of gold and silver in the state’s treasury?

A

Mercantilism

2
Q

Which ism is based upon public and governmental control of the production and distribution of nearly all national resources?

A

Communism

3
Q

Which ism regards the entire world as one giant community that should be unified politically and economically?

A

globalism

4
Q

Which ism advocates massive public spending during recessions?

A

Keynesianism

5
Q

Which ism can seep into an economy without the majority of people realizing that their foundational freedoms are being dissolved away?

A

Socialism

6
Q

What type of market model is dominated by only a few firms?

A

oligopoly

7
Q

What type of market model provides differentiated products?

A

Monopolistic competition

8
Q

What type of market model results in firms that are price takers?

A

Perfect Competition

9
Q

What type of market model results when there is only one supplier of a good for which there is not substitute?

A

monopoly

10
Q

What type of monopoly is a copyright on a novel?

A

legal

11
Q

What are the basic components of capitalism?

A

Limited Government
Freedom of Enterprise
Competition
Property Rights