Exam 3: The Mixed Economy

Which is the most accurate statement?

Karl Marx

In theory,___________ advocates the abolition of private property.

If a person wanted to raise some capital and was unable to borrow it,they could either ________ or ________.

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

Which of these is NOT an example of opportunity cost?

The major shortcoming of fuel economy standards is that they do not apply to ___________________.

Statement I.Under fascism,the government owns the means of production. Statement II.Nearly one-third of the world's countries may be described as fascist.

An example of a public good is

Mao Tse-tung was responsible for

Which of the following statements is true?

A socialist economy is characterized by

In the circular flow diagram,households supply __________ to business firms.

Karl Marx and Friedrich Engels believed that the ideal communist society would come about when

Which description of capitalism was coined by Karl Marx?

A person will do more good pursuing his own self-interest than if he consciously set out to promote the public good was the view of

An economic model is

The price system

In a pure capitalist economy,"what to produce" is determined by

Statement I.If the owner of an office park plants shade trees on the grounds,she is not only providing private benefits,but external benefits as well. Statement II.The federal government does virtually nothing to discourage companies from incurring external costs.