Exam 3: The Mixed Economy

How many households receive their incomes mainly from the business sector?

One of the characteristics of a command economy is

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

The government performs each of the following economic functions except

The U.S.economy does a very good job with respect to

Which of the following is not a typical attribute of a socialist country?

The Chinese economy was set back by

Statement I: China's southern provinces have become "export platforms",sending out streams of consumer goods to Japan,Europe,and North America. Statement II: China has become a wealthy nation as a result of getting rid of its communist economic system.

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

Of the 39 million Americans living in poverty,_______________ are children.

European communism collapsed during the years

Karl Marx and Friedrich Engels said

In the Soviet Union,most goods and services were produced by _________________.

When the government determines the permissible level of pollution and issues permits to each polluting firm,this is a form of

When you paint the outside of your house,you not only enjoy a private benefit for yourself,but you also provide a(n)__________________ benefit.

__________________ is an obvious example of government failure.

The so-called "bridge to nowhere" in Alaska is an example of

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.

According to the circular flow diagram,in return for land,labor,capital and entrepreneurial ability,households receive ______________________________.

An external cost occurs when