Exam 20: Socialist Economies in Transition

Immediately after the Russian Revolution in 1917, the Soviet Union:

The Great Leap Forward was, in reality, a great leap backward economically for China.

China's transition to market capitalism has been characterized by:

The history of socialism dates back to:

The Chinese economy was very successful in the Great Leap Forward.

To Marx, the cost of capital was determined by the amount of labor required to produce it.

The theoretical exposition of Karl Marx examined an economy that would be described in today's terms as:

Yugoslavia created an economic system nearly identical to that in the Soviet Union.

The problems encountered by transitional economies trying to become well-functioning market economies involve:

In the Soviet Union from 1918-1921, the period known as _______ , the country experienced _______ .

Marx believed the value of a good was determined by the amount of labor required to produce it.

The modern concept of socialism can trace its roots directly to Adam Smith's The Wealth of Nations.

The central planning agency of the Soviet Union was the:

The cost of capital, according to Marx, was:

On the eve of the collapse of the Soviet Union, Soviet economists estimated that per capita consumption in the Soviet Union was as low as one _______ of the U.S. level.

In the former Soviet Union, the quantities of output and prices to be charged by key firms were determined by:

Between 1980 and 2011, China's per capita output:

China has achieved high economic growth rates and a strong democracy with many freedoms.

Central planning in communist countries failed because of insufficient incentives for innovation and excessive market information.

Marx's prediction that labor's share of GDP would fall was correct.