Exam 16: The Organization of Economic Activities

Determining the resources that are to be allocated to a good's output is one of the functions of an economy.

As a response to dissatisfaction with the country's planned economy, the Chinese government introduced major modifications in its economic system, allowing the development of private markets while maintaining overall political control.

Louis Blanc was one of the originators of:

How does a market economy work? What is the role of government in market economies? Why are the principles of supply and demand important?

Allowing the market to operate with a minimum of government regulation is called:

In China, the communist government made the provision of health care a top priority.

What were the reasons Soviet-style socialism was abandoned?

Research has found that after society has reached an annual income threshold of about ________________capita, additional income does not seem to make a society happier.

Karl Marx and Friedrich Engels argued for a new form of economic organization called:

Desires for things that can be obtained by labor or through exchange are called:

Unplanned economies rely on markets to control economic decisions.

Soviet-style socialism was abandoned because:

The "rule of law" in the U.S. limits the government's ability to change:

In the pre-1990 Soviet economy, no workers were allowed to choose their jobs.

The great economic problem facing every modern society is the competition from other nations' economies.

In modern industrial societies, economic relationships are quite simple.

The fact that Socialist economies were significantly lagging behind capitalist economies is one of the reasons Soviet-style socialism was abandoned.

Which of the following is an example of a country with a planned economy?

What institution controls an unplanned economic system?

Elements of socialist thought have influenced the evolution of capitalist societies.