Question 1

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

Accepted Answer

The answer of The return received by the owners of...

Question 2

Which statement about competition is true?

Accepted Answer

A) To have competition,no firm is large enough to have any influence over price. 
B) American industry is very competitive. 
C) The American automobile industry would be considered competitive if there were at least four firms in the industry. 
D) There is no competition in American industry. 
A) To have competition,no firm is large enough to have any influence over price. 
B) American industry is very competitive. 
C) The American automobile industry would be considered competitive if there were at least four firms in the industry. 
D) There is no competition in American industry.

Question 3

If large sectors of American industry are not very competitive,then the _______________ does not work as well as it could if American industry operated under a more perfectly competitive system.

Accepted Answer

price mech

Question 4

The most glaring economic problem in the former Soviet Union was

Accepted Answer

A) a shortage of military goods 
B) a surplus of military goods 
C) a shortage of civilian goods 
D) a surplus of civilian goods 
A) a shortage of military goods 
B) a surplus of military goods 
C) a shortage of civilian goods 
D) a surplus of civilian goods

Question 5

Of the following countries which are recognized as socialist systems?

Accepted Answer

A) Sweden. 
B) Greece. 
C) Canada. 
D) All of these countries have socialist systems. 
A) Sweden. 
B) Greece. 
C) Canada. 
D) All of these countries have socialist systems.

Question 6

Statement I: Most Americans would be willing to give up driving to reduce auto emissions to zero.
Statement II: Trading in pollution permits is banned on the Chicago Board of Trade but has flourished on the black market.

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 7

Communist theory calls for each of the following except

Accepted Answer

A) the abolition of private property. 
B) from each according to his ability,to each according to his needs. 
C) the free operation of the forces of demand and supply. 
D) the means of production owned by the government and/or by the workers. 
A) the abolition of private property. 
B) from each according to his ability,to each according to his needs. 
C) the free operation of the forces of demand and supply. 
D) the means of production owned by the government and/or by the workers.

Question 8

In the circular flow model,households

Accepted Answer

A) demand resources and supply products. 
B) demand products and supply resources. 
C) demand both resources and products. 
D) supply both resources and products. 
A) demand resources and supply products. 
B) demand products and supply resources. 
C) demand both resources and products. 
D) supply both resources and products.

Question 9

Under capitalism the role of government is best described as

Accepted Answer

A) Nonexistent. 
B) Limited. 
C) Significant. 
D) Extensive. 
A) Nonexistent. 
B) Limited. 
C) Significant. 
D) Extensive.

Question 10

The main reason U.S.farmers can produce more than farmers in China is that they

Accepted Answer

A) have more land. 
B) have more capital. 
C) have more labor. 
D) are better traineD. 
A) have more land. 
B) have more capital. 
C) have more labor. 
D) are better traineD.

Question 11

Which of the following is NOT an example of an externality?

Accepted Answer

A) The development of a vaccine for preventing SARS. 
B) Gas prices that rise in the summer due to increased vacation travel. 
C) Shipbreaking that industrial nations have exported to less developed countries. 
D) A factory that dumps dangerous chemicals into Lake Erie. 
A) The development of a vaccine for preventing SARS. 
B) Gas prices that rise in the summer due to increased vacation travel. 
C) Shipbreaking that industrial nations have exported to less developed countries. 
D) A factory that dumps dangerous chemicals into Lake Erie.

Question 12

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 13

Externalities may be internalized by

Accepted Answer

A) government-imposed taxes and subsidies. 
B) regulation. 
C) legal rules and procedures. 
D) bargaining and negotiation. 
E) All of the choices are correct. 
A) government-imposed taxes and subsidies. 
B) regulation. 
C) legal rules and procedures. 
D) bargaining and negotiation. 
E) All of the choices are correct.

Question 14

The Chinese economy has embarked on a large-scale process of privatization since

Accepted Answer

A) 1949. 
B) The mid-1950s. 
C) The mid-1960s. 
D) The late 1970s. 
E) The late 1980s. 
A) 1949. 
B) The mid-1950s. 
C) The mid-1960s. 
D) The late 1970s. 
E) The late 1980s.

Question 15

Which statement is most accurate?

Accepted Answer

A) By the mid 1980s,over 90 percent of China's agricultural land was farmed by private households. 
B) China has virtually no private sector. 
C) Although China's agricultural sector is market oriented,its industrial sector still uses the communist model. 
D) China's economy is almost entirely privately owneD. 
A) By the mid 1980s,over 90 percent of China's agricultural land was farmed by private households. 
B) China has virtually no private sector. 
C) Although China's agricultural sector is market oriented,its industrial sector still uses the communist model. 
D) China's economy is almost entirely privately owneD.

Question 16

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 17

Having the government issue permits that allow polluting

Accepted Answer

A) would decrease the levels of pollution. 
B) is an example of a command-and control regulation. 
C) would penalize companies that were good at curbing their pollution. 
D) has been very ineffective in curbing pollution. 
A) would decrease the levels of pollution. 
B) is an example of a command-and control regulation. 
C) would penalize companies that were good at curbing their pollution. 
D) has been very ineffective in curbing pollution.

Question 18

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

Accepted Answer

A) Deng Xiaoping. 
B) Mao Tse-tung. 
C) Sun Yat-sen. 
D) Chiang Kai-shek. 
A) Deng Xiaoping. 
B) Mao Tse-tung. 
C) Sun Yat-sen. 
D) Chiang Kai-shek.

Question 19

When our resources are not allocated efficiently,we have _____________.

Accepted Answer

The answer of When our resources are not allocated efficiently,we...

Question 20

Most economists in the U.S.believe that the price mechanism leads to

Accepted Answer

A) an efficient allocation of resources. 
B) an equitable distribution of income. 
C) both an efficient allocation of resources and an equitable distribution of income. 
D) neither an efficient allocation of resources nor an equitable distribution of income. 
A) an efficient allocation of resources. 
B) an equitable distribution of income. 
C) both an efficient allocation of resources and an equitable distribution of income. 
D) neither an efficient allocation of resources nor an equitable distribution of income.

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

Which statement about competition is true?

If large sectors of American industry are not very competitive,then the _______________ does not work as well as it could if American industry operated under a more perfectly competitive system.

The most glaring economic problem in the former Soviet Union was

Of the following countries which are recognized as socialist systems?

Statement I: Most Americans would be willing to give up driving to reduce auto emissions to zero. Statement II: Trading in pollution permits is banned on the Chicago Board of Trade but has flourished on the black market.

Communist theory calls for each of the following except

In the circular flow model,households

Under capitalism the role of government is best described as

The main reason U.S.farmers can produce more than farmers in China is that they

Which of the following is NOT an example of an externality?

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

Externalities may be internalized by

The Chinese economy has embarked on a large-scale process of privatization since

Which statement is most accurate?

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

Having the government issue permits that allow polluting

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

When our resources are not allocated efficiently,we have _____________.

Most economists in the U.S.believe that the price mechanism leads to

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

Income Distribution and Poverty

International Trade

International Finance

Filters

Exam 3: The Mixed Economy

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

Which statement about competition is true?

If large sectors of American industry are not very competitive,then the _______________ does not work as well as it could if American industry operated under a more perfectly competitive system.

The most glaring economic problem in the former Soviet Union was

Of the following countries which are recognized as socialist systems?

Statement I: Most Americans would be willing to give up driving to reduce auto emissions to zero. Statement II: Trading in pollution permits is banned on the Chicago Board of Trade but has flourished on the black market.

Communist theory calls for each of the following except

In the circular flow model,households

Under capitalism the role of government is best described as

The main reason U.S.farmers can produce more than farmers in China is that they

Which of the following is NOT an example of an externality?

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

Externalities may be internalized by

The Chinese economy has embarked on a large-scale process of privatization since

Which statement is most accurate?

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

Having the government issue permits that allow polluting

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

When our resources are not allocated efficiently,we have _____________.

Most economists in the U.S.believe that the price mechanism leads to

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

Income Distribution and Poverty

International Trade

International Finance

Filters