Chapter 2-1,-2-2,2-3,2-Quiz

Why did Sweden move from socialist economic policies in the 1970s to mixed economic policies in the 1980s?

a. Its citizens objected to the nation's high rate of taxation.

Which statement describes why the people in a nation with a Command Economy might resist a shift to a Free-market Economy?

a. People who hold political power are threatened by systemic changes.

What kind of economy offers uniformity in wages regardless of occupation or individual productivity?

b. Command and Socialist Economies

Which of the following statements best describes the Communist Ideal ?

a. A classless society in which everyone works for the common good.

Why would privitization tend to raise a nation's overall Standard of Living for societies in an economic transition?

c. People are more likely to be productive when it benefits them personally.

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

c. People must adjust to the costs and risks that are a part of Capitalism.

Which group of people did Karl Marx believe would be the main beneficiaries of Socialism?

c. Working Class Members

Capital-Intensive is a term that describes the number of people per square mile of land area.

false

Mixed economies work to the degree that they embrace democracy.

false

The economic system that has some combination of traditional, command, and market economies is known as Popular Density.

false

The independent Polish labour union founded in 1980 by Lech Walesa was called Keiretsu.

false

Population Density is a term that denotes a particular method of production requires large amounts of investment in relation to labour.

flase

2-2 Socialist economies include aspects of both Command and Free-enterprise systems.

False

Which of these is an accurate statement about mixed economic systems today?

a. There are more mixed economic systems in the world today than any other type of economic system.

The way in which the 19th Century Inuit divided the 'spoils of the hunt' demonstrates the functioning of which of the following?

a. Traditional Economy

Which of the following describes a move away from pure Capitalism?

d. Economic policies following the Great Depression in these United States.

Which of these statements is descriptive of a Market economy?

d. Major economic decisions are made by individuals, not for them.

Which of these countries has an economy most similar to the economic system of the former Soviet Union?

d. North Korea

How is the principle There's not such thing as a free lunch illustrated in a socialist economy?

d. Socialist economies tend to offer extensive government services but have very high tax rates to pay for such services.

What is the main difference between Japanese capitalism and American capitalism?

d. The Japanese government is highly involved in day-to-day business management.

Countries like North Korea and/or Cuba are examples of mixed economies.

False

In a Traditional Economy, questions of what, how, and for whom to produce, are answered by the buying and selling activities of individuals.

False

Describe two countries or societies with two different types of economies and compare who the type of economy affects the answers to the questions of what, how, and for whom to produce in each country.

North and South Korea have two different economies that are different. Everything in North Korea is controlled by government

A voucher is a certificate used to purchase government-owned property during privitization.

True

Collectivization is the process of forced common ownership of a nation's factors of production.

True

Which of the following is a feature of a Command economy that distinguishes it from a Socialist economy?

a. All production is managed by the government.

Which of the following can be concluded about Capitalism from the economic growth of South Korea in the late 20th Century?

a. Capitalism can restore a damaged economy.

Which of the following is the vocabulary term for Gross Domestic Product on a per person basis ?

a. GDP per Capita

Which of the following was the central planning authority in the former Soviet Union?

a. Gosplan

Which of the following is a disadvantage of a market economy?

a. It sustains a high degree of uncertainty.

Which of these helps explain why mixed economies develop?

a. People become unhappy with aspects of their current economic system.

Which of the following is a system in which government owns and controls some factors of production?

a. Socialism

Which of the following statements apply to present-day Sweden?

c. Its unemployment rate and GDP per capita are relatively high.

Which economic system uses the government to determine the economic questions of what, how, and for whom to produce ?

d. Command Economy

2-3 The independently owned group of Japanese business firms united to regulate competition is known as the Keiretsu.

true

The fundamental restructuring of the Soviet economy, introduced by President Mikhail Gorbachev, was called Perestroika.

true

The mechanism through which buyers and sellers of an economic product or service come together is known as the Marketplace.

true

Mixed economies can evolve when societies with different kinds of economies interact.

True

Socialism can be described as a more liberal version of a Command Economy.

True

There is always some degree of government involvement in a mixed economy.

True

Societies embarce various economic systems to deal with the fundamental problem of ___________________.

b. scarcity

Which of the following the successor to the European Coal and Steel Community, established in 1993?

b. the European Union

Which of the following describes the worst period of economic decline in American history.

b. the Great Depression

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

c. A Socialist economy

Which of the following economic systems decribes where economic and political forces own and direct all hte factors of production?

c. Command Economy

2-Quiz Which of the following have the least in common?

c. Command economy and Capitalism

Which of the following states an advantage of a traditional economy?

c. Everyone knows exactly what their function is in the society.

Which of these is the most striking example of the costs and risks of pure Capitalism?

c. the Great Depression