Question 1

The objective of "fair trade" coffee is to

Accepted Answer

A)  lower the price of coffee to consumers 
B)  break up coffee cooperative organizations 
C)  give retailers an incentive to mark up the coffee 
D)  raise the incomes of coffee farmers in developing countries 
A)  lower the price of coffee to consumers 
B)  break up coffee cooperative organizations 
C)  give retailers an incentive to mark up the coffee 
D)  raise the incomes of coffee farmers in developing countries

Question 2

Today China describes itself as a socialist market economy.

Accepted Answer

A) True 
 B)False

Question 3

Tariffs tend to be lower for labor-intensive goods produced around the world.

Accepted Answer

A) True 
 B)False

Question 4

The economic performance of the U.S. during which decade provided the best evidence that centrally planned economies don't work as well as market-oriented economies?

Accepted Answer

A)  1960s 
B)  1970s 
C)  1980s 
D)  1990s 
A)  1960s 
B)  1970s 
C)  1980s 
D)  1990s

Question 5

In 2002 China decided to withdraw from the World Trade Organization (WTO) in order to be free to pursue its own trade goals.

Accepted Answer

A) True 
 B)False

Question 6

By 2000, it was widely recognized that ________ had won the worldwide "contest" among economic systems.

Accepted Answer

A)  command economies 
B)  capitalistic economies 
C)  socialistic economies 
D)  dictatorship economies 
A)  command economies 
B)  capitalistic economies 
C)  socialistic economies 
D)  dictatorship economies

Question 7

Gross National Product per capita is lowest in which of the following countries?

Accepted Answer

A)  Malaysia 
B)  Indonesia 
C)  Mozambique 
D)  Chile 
A)  Malaysia 
B)  Indonesia 
C)  Mozambique 
D)  Chile

Question 8

A country's terms of trade are defined as the average price of a country's exports divided by the average price of its imports.

Accepted Answer

A) True 
 B)False

Question 9

In order to achieve success, transition economies must

Accepted Answer

A)  impose restrictions on private property rights 
B)  institute domestic price controls 
C)  increase government involvement 
D)  promote domestic competition 
A)  impose restrictions on private property rights 
B)  institute domestic price controls 
C)  increase government involvement 
D)  promote domestic competition

Question 10

In mixed economies, the objective is to leave decisions to the market

Accepted Answer

A)  all the time 
B)  when it operates well 
C)  when income is equally distributed 
D)  never 
A)  all the time 
B)  when it operates well 
C)  when income is equally distributed 
D)  never

Question 11

The two major sources of funds for IMF loans are

Accepted Answer

A)  taxes on developing countries and the World Bank 
B)  subscriptions and loans from member nations 
C)  the sale of crafts from developing countries and U.S. bankers's funds 
D)  foreign private investors and oil tariffs 
A)  taxes on developing countries and the World Bank 
B)  subscriptions and loans from member nations 
C)  the sale of crafts from developing countries and U.S. bankers's funds 
D)  foreign private investors and oil tariffs

Question 12

In a planned economy, businesses are owned by the government, but the production decisions are made by individual workers.

Accepted Answer

A) True 
 B)False

Question 13

What often existed in transition economies, prior to reform?

Accepted Answer

A)  free trade with the rest of the world 
B)  democratic freedoms 
C)  a high standard of living 
D)  price controls 
A)  free trade with the rest of the world 
B)  democratic freedoms 
C)  a high standard of living 
D)  price controls

Question 14

What often existed in Eastern Europe prior to reform?

Accepted Answer

A)  property rights 
B)  profit incentives 
C)  shortages and surpluses of goods 
D)  incentives to innovate 
A)  property rights 
B)  profit incentives 
C)  shortages and surpluses of goods 
D)  incentives to innovate

Question 15

Japan, New Zealand, and Australia are all classified as advanced nations.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following is not true regarding a planned economy?

Accepted Answer

A)  The government owns the means of production. 
B)  The government owns the land. 
C)  The quality of goods is usually higher than for other systems. 
D)  Environmental damage can occur as a result of production. 
A)  The government owns the means of production. 
B)  The government owns the land. 
C)  The quality of goods is usually higher than for other systems. 
D)  Environmental damage can occur as a result of production.

The objective of "fair trade" coffee is to

Today China describes itself as a socialist market economy.

Tariffs tend to be lower for labor-intensive goods produced around the world.

The economic performance of the U.S. during which decade provided the best evidence that centrally planned economies don't work as well as market-oriented economies?

In 2002 China decided to withdraw from the World Trade Organization (WTO) in order to be free to pursue its own trade goals.

By 2000, it was widely recognized that ________ had won the worldwide "contest" among economic systems.

Gross National Product per capita is lowest in which of the following countries?

A country's terms of trade are defined as the average price of a country's exports divided by the average price of its imports.

In order to achieve success, transition economies must

In mixed economies, the objective is to leave decisions to the market

The two major sources of funds for IMF loans are

In a planned economy, businesses are owned by the government, but the production decisions are made by individual workers.

What often existed in transition economies, prior to reform?

What often existed in Eastern Europe prior to reform?

Japan, New Zealand, and Australia are all classified as advanced nations.

Which of the following is not true regarding a planned economy?

Scarcity and Choice

Market Transactions: Demand and Supply Analysis

Demand and Supply Applications

Production and the Costs of Production

Competition and Monopoly: Virtues and Vices

Imperfect Competition

Labor Markets

Government and Markets

The Mixed Economy of the United States

Gross Domestic Product and Economic Growth

The Business Cycle, Unemployment, and Inflation

Macroeconomic Instability: Aggregate Demand and Aggregate Supply

Fiscal Policy and the Federal Budget

Money and the Banking System

The Federal Reserve and Monetary Policy

The United States and the Global Economy

International Finance

Filters

Exam 18: Economic Systems and Developing Countries

The objective of "fair trade" coffee is to

Today China describes itself as a socialist market economy.

Tariffs tend to be lower for labor-intensive goods produced around the world.

The economic performance of the U.S. during which decade provided the best evidence that centrally planned economies don't work as well as market-oriented economies?

In 2002 China decided to withdraw from the World Trade Organization (WTO) in order to be free to pursue its own trade goals.

By 2000, it was widely recognized that ________ had won the worldwide "contest" among economic systems.

Gross National Product per capita is lowest in which of the following countries?

A country's terms of trade are defined as the average price of a country's exports divided by the average price of its imports.

In order to achieve success, transition economies must

In mixed economies, the objective is to leave decisions to the market

The two major sources of funds for IMF loans are

In a planned economy, businesses are owned by the government, but the production decisions are made by individual workers.

What often existed in transition economies, prior to reform?

What often existed in Eastern Europe prior to reform?

Japan, New Zealand, and Australia are all classified as advanced nations.

Which of the following is not true regarding a planned economy?

Scarcity and Choice

Market Transactions: Demand and Supply Analysis

Demand and Supply Applications

Production and the Costs of Production

Competition and Monopoly: Virtues and Vices

Imperfect Competition

Labor Markets

Government and Markets

The Mixed Economy of the United States

Gross Domestic Product and Economic Growth

The Business Cycle, Unemployment, and Inflation

Macroeconomic Instability: Aggregate Demand and Aggregate Supply

Fiscal Policy and the Federal Budget

Money and the Banking System

The Federal Reserve and Monetary Policy

The United States and the Global Economy

International Finance

Filters