Exam 16: Economies in Transition

What famous economist said, "By pursuing his own interest he (an individual) frequently promotes that of the society more effectually than when he really intends to promote it?"

Which of the following is a characteristic of socialism?

One of the strengths of a socialist economy, according to those who advocate such a system, is that government intervention will enable a more equitable distribution of income and therefore goods and services produced.

In the real world, countries use a mixture of the three basic types of economic systems.

Discuss the three basic types of economic systems.

Economic efficiency and economic freedom are commonly cited as two major benefits of socialism.

Which of the following economies is an example of a mixed system?

Centralized planning agencies are a key feature of command economies.

Government involvement has become so prevalent in the U.S. economy that the U.S. economy is now generally considered to be a socialist economy.

What is the difference between socialism and communism? What are some examples of countries that are largely socialistic and some that are communistic?

Adam Smith is the father of modern economics.

What type of economic system is commonly described as being controlled by an "invisible hand"?

Which of the following is a basic question answered by an economic system?

Which of the following is a characteristic of capitalism?

The economic system that answers the What, How and For Whom questions by central authority is a:

Which of the following is true in a market economy?

The term "socialism" refers to which of the following?

Which of the following is one common criticism of capitalism?

Which of the following is a characteristic of capitalism?

Adam Smith, in his book, The Wealth of Nations, advocated: