ECON REG CH 2

Which of the statements best describes the communist ideal

A classless society in which everyone works fo the common godo

Requiring large amounts of investment in relation to labor

Capital Intensive

Economic system in which private citizens own and use resources to make a profit

Capitalism

Which nation today is the most striking example of successful privatization?

China

Forced common ownership of factors of production

Collectivization

Economic systems in which a central authority makes the major economic decisions

Command economy

Which of these economic systems have the least in common

Command economy and capitalism

Which of the following places economic systems in order from least to most flexible

Command, socialism, free market

Economic and political system in which factors of production owned and directed by the state

Communism

Which of the following are disadvantages of communist economies?

E all of the answers

Which of the following represents a place where the transition to capitalism is nearly complete but far from fully effective?

Eastern Europe

Organized procedure for allocation resources and producing and distributing goods and services in a society

Economic system

How are economic transactions shaped in a traditional economy?

Elders and ancestors make certain that things are done in specific ways

Successor of the European Coal and Steel community established in 1993

European Union EU

How was Inuit hunter Rewarded for his skill as a hunter

He received the fist cuts from a successful hunt

Which of the following is the best description of the economic system of Cuba?

It is a command economy with a strong central authority

Who is the author of the Communist Manifesto and Das Kapital

Karl Marx

Which of the following is a feature of Japaneses capitalism that would be illegal in the untied states

Kerietsu

Which of the following could raise the cost of production in a command economy?

Large and inefficient bureaucracy

Which of these stamements is descriptive of a market economy

Major economic decisions are made by individuals, not for them

Mechanism through which buyers and sellers of an economic product or service come together

Market

Economic systems in which economic activity is driven by supply, demand and the price system

Market economy

System that has come combination of traditional, command, and market economies

Mixed

Which type of economy is most prevalent in the world today?

Mixed

economic shift from the private ownership to government ownership

Nationalization

Which of these statements describes a disadvantage of a traditional economy

New ways of doing things are discouraged

Which of theses nations was known as the socialist country that works

Sweden

Economic sector in which goods and services are sold illegally

The Black Market

Worst period of economic decline in US History, lasted from approximately 1929 to 1939

The Great Depression

Which of these is the most striking example of the cost and risks of pure capitalism

The great depression

Which of the following explains why products made under a command economy are more likely to be low quality

The worker who make them have little incentive to make them work well

Who did Karl Marx believe would be the beneficiaries of socialism

The workers

Which of these is a major advantage of a market Economy?

There is a high degree of individual freedom

System in which economic activity is the result of ritual, habit or custom

Traditional

Which of the following is a feature of a command economy that distinguishes it form a socialist economy

all production is managed by the government

A Chinese strategy used to quickly revolutionize industrial and agriculture production

great leap forward

In a transitioning economy, why would privatization tend to raise a nation's overall standard of living?

people are more likely to be productive when it benefits them personally

Certificate used to purchase government owned property during privatization

voucher

number of people per square mile of land area

Population density

Conversion of state owned property to individual ownernship

Privaitization

Societies embrace various economic systems to deal with the problem of:

Scarcity

System in which the government owns and controls some factors of production

Socialism

How is the principle of 'There's no such thing as a free lunch' illustrated in a socialist economy

Socialist economies tend to offer extensive government services but have high tax rate

in which of these systems is the government most likely to provide people with goods and services they could not otherwise afford?

A socialist economy

what kind of economy offers uniformity in wages regardless of the occupation or individual

A society in which the working class is motivated by financial incentives

Comprehensive, centralized economic strategy for achieving rapid industrialization, used by the SU and China

Five Year Plan

Which of these helps explain why mixed economies develop?

People become unhappy with aspects of their current economy

Which of following is a cause of struggle in the process of privatization?

People must adjust to the cost and risks that are part of capitalism

Which of these countries has an economy most similar to that of the former SU

North Korea

Which statement describes a disadvantage of a command economy?

Nothing stops the government from producing things that people don't need or watn