Exam 3: Economic Institutions

In socialism:

Businesses produce goods and services and sell them to households and governments. The market where this interaction takes place is called the goods market.

One advantage of a sole proprietorship over a corporation is:

The L3C (low profit limited liability company) type of corporation, sometimes called a benefit corporation, ignores profit considerations and instead pursues only social goals.

Welfare capitalism is an economic system in which:

A public good is a good that:

In a socialist economic system:

Which of the following was one of Marx's predictions?

Which two sources of revenue comprise most of federal government revenue?

The ability to organize and meet an objective, such as meeting regulatory and financial requirements to start and run a business, is known as:

Government is on the:

Markets coordinate economic activity through:

With a sole proprietorship:

Governments do all of the following except:

Which two systems require the least amount of government intervention?

Determining whether a good is a merit good is:

Through most of the 20^th century in the former USSR:

Which group has ultimate control over the U.S. economy?

A firm's profits equal $100 if

The two economic groups competing for power during the transition from mercantilism to capitalism were: