Question 1

When our resources are NOT allocated efficiently,we have _______________.

Accepted Answer

A) answered the basic economic questions 
B) a market failure 
C) a government failure 
D) market equity 
A) answered the basic economic questions 
B) a market failure 
C) a government failure 
D) market equity

Question 2

Adam Smith

Accepted Answer

A) argued that capitalism is often confused with democracy. 
B) wrote Das Kapital. 
C) said that the entrepreneur is motivated by self-interest. 
D) coined the phrase: "From each according to his ability,to each according to his needs." 
A) argued that capitalism is often confused with democracy. 
B) wrote Das Kapital. 
C) said that the entrepreneur is motivated by self-interest. 
D) coined the phrase: "From each according to his ability,to each according to his needs."

Question 3

"The invisible hand" is really the ___________.

Accepted Answer

The answer of "The invisible hand" is really the ___________....

Question 4

According to most economists,which one of the following would be the best public policy?

Accepted Answer

A) Require businesses to reduce pollution by a level prescribed by the government. 
B) Zero tolerance for pollution. 
C) Rely on private enterprise to reduce pollution as it is ultimately in its best interest. 
D) Provide business firms with incentives to curb their pollution. 
A) Require businesses to reduce pollution by a level prescribed by the government. 
B) Zero tolerance for pollution. 
C) Rely on private enterprise to reduce pollution as it is ultimately in its best interest. 
D) Provide business firms with incentives to curb their pollution.

Question 5

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

Accepted Answer

A) the United States 
B) Canada 
C) India 
D) China 
A) the United States 
B) Canada 
C) India 
D) China

Question 6

In the 1980s,___________________ strictly adhered to the communist credo,"From each according to his ability,to each according to his needs".

Accepted Answer

A) China,but not the Soviet Union 
B) The Soviet Union,but not China 
C) Both China and the Soviet Union 
D) Neither China nor the Soviet Union 
A) China,but not the Soviet Union 
B) The Soviet Union,but not China 
C) Both China and the Soviet Union 
D) Neither China nor the Soviet Union

Question 7

A ______ good is something whose consumption by one person does not prevent its consumption by other people.

Accepted Answer

The answer of A ______ good is something whose consumption...

Question 8

The United States is an example of a ______________ economy.

Accepted Answer

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

Question 9

Compared to 35 years ago,air quality in the United States is

Accepted Answer

A) Much worse 
B) Worse 
C) Virtually the same 
D) Better 
A) Much worse 
B) Worse 
C) Virtually the same 
D) Better

Question 10

Which statement is true?

Accepted Answer

A) Russia has embraced capitalism at a much faster rate than ChinA. 
B) The Russian government today is moving much closer to central planning than when the country was part of the Soviet Union. 
C) The standard of living in Russia is higher than that of the United States. 
D) None of the statements are true. 
A) Russia has embraced capitalism at a much faster rate than ChinA. 
B) The Russian government today is moving much closer to central planning than when the country was part of the Soviet Union. 
C) The standard of living in Russia is higher than that of the United States. 
D) None of the statements are true.

Question 11

Our government helps the free enterprise system work by doing all of the following except

Accepted Answer

A) seeing that information flows freely. 
B) providing the infrastructure for a market system to function efficiently. 
C) defining property rights. 
D) lowering some of the barriers to competition. 
E) creating an equal distribution of incomE. 
A) seeing that information flows freely. 
B) providing the infrastructure for a market system to function efficiently. 
C) defining property rights. 
D) lowering some of the barriers to competition. 
E) creating an equal distribution of incomE.

Question 12

Karl Marx believed that inevitably there would be a clash between ____________ and ____________,leading to an overthrow of capitalism.

Accepted Answer

The answer of Karl Marx believed that inevitably there would...

Question 13

Under the old Soviet communist system,government planning was substituted for the ________________.

Accepted Answer

The answer of Under the old Soviet communist system,government planning...

Question 14

The development of the polio vaccine would be considered a(n)_____________________ to society.

Accepted Answer

The answer of The development of the polio vaccine would...

Question 15

Which does not fit with the others?

Accepted Answer

A) Competition 
B) Government planning and regulation 
C) The invisible hand 
D) The price mechanism 
A) Competition 
B) Government planning and regulation 
C) The invisible hand 
D) The price mechanism

Question 16

Statement I.Public goods tend to be indivisible.
Statement II.There is often no way to exclude anyone from consuming a public good if she or he did not pay for it.

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 17

Which statement is most accurate?

Accepted Answer

A) Communism is completely dead as an economic system. 
B) Communism is the wave of the future. 
C) Although the United States is nominally a capitalist society,we have a basically communist economy system. 
D) The American economy is guided almost entirely by the price mechanism. 
A) Communism is completely dead as an economic system. 
B) Communism is the wave of the future. 
C) Although the United States is nominally a capitalist society,we have a basically communist economy system. 
D) The American economy is guided almost entirely by the price mechanism.

Question 18

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 19

Which statement is true about China?

Accepted Answer

A) It is a world-class industrial power. 
B) It has not as yet achieved world-class industrial power,but it is heading in that direction. 
C) It has just begun its industrial development. 
D) It has virtually no industry,and has not yet embarked on a course of industrialization. 
A) It is a world-class industrial power. 
B) It has not as yet achieved world-class industrial power,but it is heading in that direction. 
C) It has just begun its industrial development. 
D) It has virtually no industry,and has not yet embarked on a course of industrialization.

Question 20

Which statement is true?

Accepted Answer

A) In China today,the private sector produces no more than 10% of the country's goods and services. 
B) Under communism in the Soviet Union,the private sector was almost as large as the government sector. 
C) In the American economy today,the public sector is almost as large as the private sector. 
D) All of the statements are true. 
E) None of the statements are truE. 
A) In China today,the private sector produces no more than 10% of the country's goods and services. 
B) Under communism in the Soviet Union,the private sector was almost as large as the government sector. 
C) In the American economy today,the public sector is almost as large as the private sector. 
D) All of the statements are true. 
E) None of the statements are truE.

When our resources are NOT allocated efficiently,we have _______________.

Adam Smith

"The invisible hand" is really the ___________.

According to most economists,which one of the following would be the best public policy?

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

In the 1980s,___________________ strictly adhered to the communist credo,"From each according to his ability,to each according to his needs".

A ______ good is something whose consumption by one person does not prevent its consumption by other people.

The United States is an example of a ______________ economy.

Compared to 35 years ago,air quality in the United States is

Which statement is true?

Our government helps the free enterprise system work by doing all of the following except

Karl Marx believed that inevitably there would be a clash between and ,leading to an overthrow of capitalism.

Under the old Soviet communist system,government planning was substituted for the ________________.

The development of the polio vaccine would be considered a(n)_____________________ to society.

Which does not fit with the others?

Statement I.Public goods tend to be indivisible. Statement II.There is often no way to exclude anyone from consuming a public good if she or he did not pay for it.

Which statement is most accurate?

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

Which statement is true about China?

Which statement is true?

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

When our resources are NOT allocated efficiently,we have _______________.

Adam Smith

"The invisible hand" is really the ___________.

According to most economists,which one of the following would be the best public policy?

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

In the 1980s,___________________ strictly adhered to the communist credo,"From each according to his ability,to each according to his needs".

A ______ good is something whose consumption by one person does not prevent its consumption by other people.

The United States is an example of a ______________ economy.

Compared to 35 years ago,air quality in the United States is

Which statement is true?

Our government helps the free enterprise system work by doing all of the following except

Karl Marx believed that inevitably there would be a clash between ____________ and ____________,leading to an overthrow of capitalism.

Under the old Soviet communist system,government planning was substituted for the ________________.

The development of the polio vaccine would be considered a(n)_____________________ to society.

Which does not fit with the others?

Statement I.Public goods tend to be indivisible. Statement II.There is often no way to exclude anyone from consuming a public good if she or he did not pay for it.

Which statement is most accurate?

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

Which statement is true about China?

Which statement is true?

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

Karl Marx believed that inevitably there would be a clash between and ,leading to an overthrow of capitalism.

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