Exam 16: Economies in Transition

Proponents of a command economy argue that it promotes:

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

The economic system that answers the What, How and For Whom questions the way they have always been answered is a:

A principal feature of a command economy is that ____________.

An economic system is the organizations and methods used to determine:

Which of the following is not an idea advocated by Adam Smith?

Karl Marx predicted that the exploitation of workers would cause capitalism to self-destruct.

Most of the world's economies are mixed economies because _________.

Adam Smith believed that the pursuit of the public interest is also the best way to promote the private self interest.

Property rights allowing individuals to own goods, services, and factors of production are most important in:

What famous economist said that the market economy seemed to be controlled by an invisible hand?

In a command economy, resources are publicly owned by government and economic activity is coordinated through a central government planning authority.

In a socialistic system, most economic decisions are made by:

In Adam Smith's competitive market economy, the question of what goods to produce is determined by:

Under socialism, factories, farms, mines, and natural resources are owned by:

The father of modern economics that wrote The Wealth of Nations is:

In the former Soviet economy, the supreme planning board that transmitted economic decisions down to producing and consuming units was called the:

In Marx's ideal state of communism there would be no haves and have-nots.

Which of the following statements is true about a command economy?

According to Adam Smith, what is the primary source of a nation's wealth?