Question 1

Which of the following is not a characteristic of capitalism?

Accepted Answer

A)  private ownership of the factors of production 
B)  businesses make their own product and price decisions 
C)  public ownership of the factors of production 
D)  decentralized decision-making using markets 
A)  private ownership of the factors of production 
B)  businesses make their own product and price decisions 
C)  public ownership of the factors of production 
D)  decentralized decision-making using markets

Question 2

Which of the following is a characteristic of socialism?

Accepted Answer

A)  rejection of central planning 
B)  consumer sovereignty 
C)  government ownership of most of the factors of production. 
D)  private ownership of all factors of production. 
A)  rejection of central planning 
B)  consumer sovereignty 
C)  government ownership of most of the factors of production. 
D)  private ownership of all factors of production.

Question 3

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

Accepted Answer

A)  laborers. 
B)  government. 
C)  private stockholders. 
D)  no one. 
A)  laborers. 
B)  government. 
C)  private stockholders. 
D)  no one.

Question 4

The economic system that is generally considered to be the most efficient at answering the What to produce and the How to produce questions is the:

Accepted Answer

A)  market economy. 
B)  command economy 
C)  soviet economy. 
D)  traditional economy. 
A)  market economy. 
B)  command economy 
C)  soviet economy. 
D)  traditional economy.

Question 5

Discuss the three basic types of economic systems.

Accepted Answer

Three basic economic systems are the tra

Question 6

Karl Marx published:

Accepted Answer

A)  Das Kapital . 
B)  General Theory of Communism . 
C)  The Wealth of Nations . 
D)  Capitalist Manifesto . 
A)  Das Kapital . 
B)  General Theory of Communism . 
C)  The Wealth of Nations . 
D)  Capitalist Manifesto .

Which of the following is not a characteristic of capitalism?

Which of the following is a characteristic of socialism?

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

The economic system that is generally considered to be the most efficient at answering the What to produce and the How to produce questions is the:

Discuss the three basic types of economic systems.

Karl Marx published:

Introducing the Economic Way of Thinking

Production Possibilities Opportunity Cost and Economic Growth

Market Demand and Supply

Markets in Action

Price Elasticity of Demand and Supply

Consumer Choice Theory

Production Costs

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Labor Markets

Income Distribution Poverty and Discrimination

Antitrust and Regulation

Environmental Economics

Gross Domestic Product

Business Cycles and Unemployment

Inflation

The Keynesian Model

The Keynesian Model in Action

Aggregate Demand and Supply

Fiscal Policy

The Public Sector

Federal Deficits Surpluses and the National Debt

Money and the Federal Reserve System

Money Creation

Monetary Policy

The Phillips Curve and Expectations Theory

International Trade and Finance

Growth and the Less Developed Countries

Understanding Direct and Inverse Relationships between Variables

Filters

Exam 29: Economies in Transition

Which of the following is not a characteristic of capitalism?

Which of the following is a characteristic of socialism?

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

The economic system that is generally considered to be the most efficient at answering the What to produce and the How to produce questions is the:

Discuss the three basic types of economic systems.

Karl Marx published:

Introducing the Economic Way of Thinking

Production Possibilities Opportunity Cost and Economic Growth

Market Demand and Supply

Markets in Action

Price Elasticity of Demand and Supply

Consumer Choice Theory

Production Costs

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Labor Markets

Income Distribution Poverty and Discrimination

Antitrust and Regulation

Environmental Economics

Gross Domestic Product

Business Cycles and Unemployment

Inflation

The Keynesian Model

The Keynesian Model in Action

Aggregate Demand and Supply

Fiscal Policy

The Public Sector

Federal Deficits Surpluses and the National Debt

Money and the Federal Reserve System

Money Creation

Monetary Policy

The Phillips Curve and Expectations Theory

International Trade and Finance

Growth and the Less Developed Countries

Understanding Direct and Inverse Relationships between Variables

Filters