Question 1

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

Accepted Answer

A)  firms. 
B)  consumers. 
C)  stockholders. 
D)  government planners. 
A)  firms. 
B)  consumers. 
C)  stockholders. 
D)  government planners.

Question 2

In a command economy, the three economic questions are answered by which of the following? ​

Accepted Answer

A)  ​The production and consumption choices made by sellers and buyers in decentralized markets. 
B)  ​A cartel of major transnational corporations, government agencies, and consumer   advocates. 
C)  ​A trilateral commission of major corporations, elected officials, and economists. 
D)  ​A central authority such as a people's committee or a dictator. 
A)  ​The production and consumption choices made by sellers and buyers in decentralized markets. 
B)  ​A cartel of major transnational corporations, government agencies, and consumer   advocates. 
C)  ​A trilateral commission of major corporations, elected officials, and economists. 
D)  ​A central authority such as a people's committee or a dictator.

Question 3

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

Accepted Answer

A)  for whom goods and services are produced. 
B)  how goods and services are produced. 
C)  what goods and services are produced. 
D)  all of the above. 
A)  for whom goods and services are produced. 
B)  how goods and services are produced. 
C)  what goods and services are produced. 
D)  all of the above.

Question 4

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

Accepted Answer

A)  Shortages occur because of complexities in the planning process. 
B)  Planners determine what, how many, and for whom goods and services are to be produced. 
C)  Planners often allocate goods and services through a rationing system. 
D)  The quality of produced goods and services tends to be inferior. 
E)  All of the above are true. 
A)  Shortages occur because of complexities in the planning process. 
B)  Planners determine what, how many, and for whom goods and services are to be produced. 
C)  Planners often allocate goods and services through a rationing system. 
D)  The quality of produced goods and services tends to be inferior. 
E)  All of the above are true.

Question 5

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

Accepted Answer

A)  A religion based on amassing capital. 
B)  An economic system characterized by private ownership of resources, and decentralized market allocation. 
C)  An economic system characterized by government ownership of resources and centralized allocation. 
D)  None of the above are correct. 
A)  A religion based on amassing capital. 
B)  An economic system characterized by private ownership of resources, and decentralized market allocation. 
C)  An economic system characterized by government ownership of resources and centralized allocation. 
D)  None of the above are correct.

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is a correct characterization of socialism?

Accepted Answer

A)  Tradition answers the basic economic questions. 
B)  Markets are used exclusively to answer the basic economic questions. 
C)  Central planning is seldom used to answer the basic economic questions. 
D)  Government ownership of many resources and centralized decision-making answers the basic economic questions. 
A)  Tradition answers the basic economic questions. 
B)  Markets are used exclusively to answer the basic economic questions. 
C)  Central planning is seldom used to answer the basic economic questions. 
D)  Government ownership of many resources and centralized decision-making answers the basic economic questions.

Question 8

Karl Marx envisioned communism as an economic system that blends the best elements of capitalism and socialism.

Accepted Answer

A) True 
 B)False

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

In a command economy, the three economic questions are answered by which of the following?

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

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

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

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

Which of the following is a correct characterization of socialism?

Karl Marx envisioned communism as an economic system that blends the best elements of capitalism and socialism.

Introducing the Economic Way of Thinking

Production Possibilities, Opportunity Cost, and Economic Growth

Market Demand and Supply

Markets in Action

Price Elasticity of Demand

Production Costs

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Labor Markets and Income Distribution

Gross Domestic Product

Business Cycles and Unemployment

Inflation

Aggregate Demand and Supply

Fiscal Policy

The Public Sector

Federal Deficits, Surpluses, and the National Debt

Money and the Federal Reserve System

Money Creation

Policy Disputes Using the Self-Correcting Aggregate Demand and Supply Model

International Trade and Finance

Growth and the Less-Developed Countries

Filters

Exam 22: Economies in Transition

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

In a command economy, the three economic questions are answered by which of the following? ​

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

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

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

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

Which of the following is a correct characterization of socialism?

Karl Marx envisioned communism as an economic system that blends the best elements of capitalism and socialism.

Introducing the Economic Way of Thinking

Production Possibilities, Opportunity Cost, and Economic Growth

Market Demand and Supply

Markets in Action

Price Elasticity of Demand

Production Costs

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Labor Markets and Income Distribution

Gross Domestic Product

Business Cycles and Unemployment

Inflation

Aggregate Demand and Supply

Fiscal Policy

The Public Sector

Federal Deficits, Surpluses, and the National Debt

Money and the Federal Reserve System

Money Creation

Policy Disputes Using the Self-Correcting Aggregate Demand and Supply Model

International Trade and Finance

Growth and the Less-Developed Countries

Filters

In a command economy, the three economic questions are answered by which of the following?