Pols ch 8 exam

Despite its tendency to increase production, a market economy fails in what regard?

Responding to the hardships of those who do not succeed

All major economic actors must support the goals and enhance the power of the political leadership in which state capitalist economy?

Russia

In a market economy, the distribution of factors and goods is based on the actions of

All consumers and producers

The GNI of the US includes the production of

American citizens working in London

Imagine you're the head manager of an industrial factory and you come to the realization that the quotas You have been given to produce commercial Airline parts is far lower than the actual domestic and international demand for them. You voice your concerns to your supervisors, but you find it impossible to altar the states five year plan for the economy. You are likely experiencing one of the major shortcomings of a blank economy

Command

The price you pay at the pump will likely come down when demand for gasoline

Is low in relation to its supply

In the economic concepts of factors of production, capital refers to

Non human productive input

Which of the following is an example of the political system having A significant impact on the economy

The US government sets new standards on fuel efficiencyFor auto manufacturers

Which statement best describes who controls the factors of production in a command economy

The state owns all significant factors

One flaw of both the GDP and GNI is

There are between country disparities in the exchange value of money