Question 1

Which statement is true?

Accepted Answer

A) American industry is very competitive. 
B) There is no competition in American industry. 
C) In order to have competition you need to have many firms in an industry. 
D) The automobile and computer software industries are good examples of competition at work. 
A) American industry is very competitive. 
B) There is no competition in American industry. 
C) In order to have competition you need to have many firms in an industry. 
D) The automobile and computer software industries are good examples of competition at work. C

Question 2

An economy that has a private sector and a public sector is called a _____________.

Accepted Answer

mixed economy

Question 3

In the former Soviet Union most of the farmland was in the form of ____________________.

Accepted Answer

collective farms

Question 4

The government uses two measures,_____________________________ regulations and ____________________________ regulations to curb pollution.

Accepted Answer

command-an

Question 5

Which of the following nations is a pure capitalist economy where the role of government is kept to a bare minimum?

Accepted Answer

A) United States 
B) Norway 
C) Japan 
D) Russia 
E) None of the listed nations are a pure capitalist economy. 
A) United States 
B) Norway 
C) Japan 
D) Russia 
E) None of the listed nations are a pure capitalist economy.

Question 6

The United States is an example of a ______________ economy.

Accepted Answer

The answer of The United States is an example of...

Question 7

In the former Soviet Union most goods and services were produced by _____________;in the United States most goods and services are produced by ____________.

Accepted Answer

A) the government;private enterprise 
B) the government;the government 
C) private enterprise;the government 
D) private enterprise;private enterprise 
A) the government;private enterprise 
B) the government;the government 
C) private enterprise;the government 
D) private enterprise;private enterprise

Question 8

The form of economic system in Hitler's Germany and Mussolini's Italy was called ________.

Accepted Answer

The answer of The form of economic system in Hitler's...

Question 9

Which of the following statements is false?

Accepted Answer

A) The price mechanism is most important under capitalism. 
B) The five-year plan was the main economic plan of the former Soviet Union. 
C) In most fascist economies,the means of production was left in private hands,with varying degrees of government interference. 
D) The main criticism of socialist countries is that they gave their citizens too many benefits. 
A) The price mechanism is most important under capitalism. 
B) The five-year plan was the main economic plan of the former Soviet Union. 
C) In most fascist economies,the means of production was left in private hands,with varying degrees of government interference. 
D) The main criticism of socialist countries is that they gave their citizens too many benefits.

Question 10

The factory conditions of 19th century England that Karl Marx described may be found in his book,______.

Accepted Answer

The answer of The factory conditions of 19th century England...

Question 11

___________ said that a person pursuing his own interest,"frequently promotes that of society more effectively than when he really intends to promote it."

Accepted Answer

The answer of ___________ said that a person pursuing his...

Question 12

One out of every ____ people on this planet lives in China.

Accepted Answer

The answer of One out of every ____ people on...

Question 13

Statement I.Pollution is an example of a market failure.
Statement II.Mowing your lawn provides an external benefit.

Accepted Answer

A) Statement I is true and statement II is false. 
B) Statement II is true and statement I is false. 
C) Both statements are true. 
D) Both statements are false. 
A) Statement I is true and statement II is false. 
B) Statement II is true and statement I is false. 
C) Both statements are true. 
D) Both statements are false.

Question 14

Which statement is true?

Accepted Answer

A) Externalities and public goods are basic classes of market failure. 
B) Externalities,but not public goods,is a basic class of market failure. 
C) Public goods,but not externalities,is a basic class of market failure. 
D) Neither public goods nor externalities are basic classes of market failure. 
A) Externalities and public goods are basic classes of market failure. 
B) Externalities,but not public goods,is a basic class of market failure. 
C) Public goods,but not externalities,is a basic class of market failure. 
D) Neither public goods nor externalities are basic classes of market failure.

Question 15

Mao Tse-tung was responsible for

Accepted Answer

A) both the Great Leap Forward and the Cultural Revolution. 
B) neither the Great Leap Forward nor the Cultural Revolution. 
C) the Great Leap Forward,but not the Cultural Revolution. 
D) the Cultural Revolution,but not the Great Leap ForwarD. 
A) both the Great Leap Forward and the Cultural Revolution. 
B) neither the Great Leap Forward nor the Cultural Revolution. 
C) the Great Leap Forward,but not the Cultural Revolution. 
D) the Cultural Revolution,but not the Great Leap ForwarD.

Question 16

Externalities consist of ___________________.

Accepted Answer

A) only external costs 
B) only external benefits 
C) both external costs and external benefits 
A) only external costs 
B) only external benefits 
C) both external costs and external benefits

Question 17

Modern mixed economies

Accepted Answer

A) generally alter the outcome of market processes in a manner that is believed to be in the social interest. 
B) attempt to redistribute income to make the distribution of income more equitable. 
C) rely on the government as well as the market to effect the distribution of goods and services. 
D) undertake all of the actions listed. 
A) generally alter the outcome of market processes in a manner that is believed to be in the social interest. 
B) attempt to redistribute income to make the distribution of income more equitable. 
C) rely on the government as well as the market to effect the distribution of goods and services. 
D) undertake all of the actions listed.

Question 18

The main reason the American factory worker can produce more than the Brazilian factory worker is that they

Accepted Answer

A) are equipped with better capital. 
B) have more capital with which to work. 
C) are equipped with better capital AND have more capital with which to work. 
D) Neither of these reasons are true. 
A) are equipped with better capital. 
B) have more capital with which to work. 
C) are equipped with better capital AND have more capital with which to work. 
D) Neither of these reasons are true.

Question 19

Capital

Accepted Answer

A) is the key to every society's standard of living. 
B) comes from savings. 
C) can be built up by holding down consumption. 
D) is one of four economic resources. 
E) All of the choices are true about capital. 
A) is the key to every society's standard of living. 
B) comes from savings. 
C) can be built up by holding down consumption. 
D) is one of four economic resources. 
E) All of the choices are true about capital.

Question 20

According to Karl Marx,one's social consciousness was determined by one's relationship to the ___________.

Accepted Answer

The answer of According to Karl Marx,one's social consciousness was...

Exam 3: The Mixed Economy

Which statement is true?

An economy that has a private sector and a public sector is called a _____________.

In the former Soviet Union most of the farmland was in the form of ____________________.

The government uses two measures,_____________________________ regulations and ____________________________ regulations to curb pollution.

Which of the following nations is a pure capitalist economy where the role of government is kept to a bare minimum?

The United States is an example of a ______________ economy.

In the former Soviet Union most goods and services were produced by _____________;in the United States most goods and services are produced by ____________.

The form of economic system in Hitler's Germany and Mussolini's Italy was called ________.

Which of the following statements is false?

The factory conditions of 19th century England that Karl Marx described may be found in his book,______.

___________ said that a person pursuing his own interest,"frequently promotes that of society more effectively than when he really intends to promote it."

One out of every ____ people on this planet lives in China.

Statement I.Pollution is an example of a market failure. Statement II.Mowing your lawn provides an external benefit.

Which statement is true?

Mao Tse-tung was responsible for

Externalities consist of ___________________.

Modern mixed economies

The main reason the American factory worker can produce more than the Brazilian factory worker is that they

Capital

According to Karl Marx,one's social consciousness was determined by one's relationship to the ___________.

A Brief Economic History of the United States

Resource Utilization

Supply and Demand

The Household Consumption Sector

The Business Investment Sector

The Government Sector

The Export-Import Sector

Gross Domestic Product

Economic Fluctuations, unemployment, and Inflation

Classical and Keynesian Economics

Fiscal Policy and the National Debt

Money and Banking

The Federal Reserve and Monetary Policy

A Century of Economic Theory

Economic Growth and Productivity

Demand,supply,and Equilibrium

The Price Elasticities of Demand and Supply

Theory of Consumer Behavior

Cost

Profit, loss, and Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Corporate Mergers and Antitrust

Demand in the Factor Market

Labor Unions

Labor Markets and Wage Rates

Rent, interest, and Profit

Income Distribution and Poverty

International Trade

International Finance

Filters

The government uses two measures,_ regulations and regulations to curb pollution.

In the former Soviet Union most goods and services were produced by _;in the United States most goods and services are produced by .