Exam 3: The Mixed Economy

Already the world's largest exporter,__________ passed Japan in 2009 to become the number one automobile producers.

In a capitalistic economic system,who owns most of the nation's resources?

The nation closest to a centrally planned,socialist economy is

National defense is an example of a ____________________.

Which statement is true?

The person responsible for beginning to privatize China's economy since the mid-1970s is

Economist John Kenneth Galbraith has argued that most prices in our mixed economy are set by

Which is the most accurate statement?

Which of the following (is)are considered market failure(s)?

Having the government issue permits that allow polluting

Capitalism is an economic system in which the ownership of resources is mostly

Statement I: Bringing home as much federal money as possible to get reelected is the equivalent of the quest for profits that motivates business owners. Statement II: One example of a government failure has been the deterioration of the American elementary,middle and high school system the last few decades.

Who said,"Property is the exploitation of the weak by the strong.Communism is the exploitation of the strong by the weak"?

Which of the following is a typical attribute of a socialist country?

To allow the price mechanism to work,no one business firm should be large enough to have an ____________________.

Capitalism is based on all of the following except

Statement I: In a centrally planned economy,consumers do not have to consider prices when shopping. Statement II: In a capitalist economy the three basic economic questions (what,how and for whom)are determined by the price mechanism.

The goals of equity and ________________ are sometimes in conflict.

Karl Marx believed the central figures in an industrial economy were the

The return received by the owners of capital is called the _______________________.