Question 1

Ours is a mixed economy because there is a ______________________ sector and a _______________ sector.

Accepted Answer

private;pu

Question 2

In the former Soviet Union,

Accepted Answer

A) the collective farms were more productive per acre than the private plots of land owned by peasants. 
B) there was no private ownership of any farmland. 
C) the private plots of land were more productive per acre than the large collective farms. 
D) the land under cultivation was equally split between private plots of land and the collective farms. 
A) the collective farms were more productive per acre than the private plots of land owned by peasants. 
B) there was no private ownership of any farmland. 
C) the private plots of land were more productive per acre than the large collective farms. 
D) the land under cultivation was equally split between private plots of land and the collective farms.

Question 3

Cradle-to-grave security is most common in ___________ countries.

Accepted Answer

A) Capitalist 
B) Communist 
C) Socialist 
D) Fascist 
A) Capitalist 
B) Communist 
C) Socialist 
D) Fascist

Question 4

Statement I: By collecting taxes,providing services,and issuing regulations,the government has some effect on the three economic questions: what,how,and for whom.
Statement II: In the United States economy,the goals of equity and efficiency do not in any way come into conflict.

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 5

In Sweden

Accepted Answer

A) the government has kept unemployment low by offering industry and workers a series of subsidies and incentives. 
B) education is free from nursery school through college. 
C) women may take a year off work after child birth while receiving 80 percent of their pay. 
D) All of the choices are true. 
A) the government has kept unemployment low by offering industry and workers a series of subsidies and incentives. 
B) education is free from nursery school through college. 
C) women may take a year off work after child birth while receiving 80 percent of their pay. 
D) All of the choices are true.

Question 6

Which statement is the most accurate?

Accepted Answer

A) Ordering a pencil for work in a communist economy usually is less complicated than the same process in a capitalist economy. 
B) Rules and regulations bind Communist bureaucrats because there is no trust that a bureaucrat can make simple business decisions. 
C) Because of underlying trust,business flows smoothly in virtually all communist societies. 
D) Ordering a pencil for work is equally complicated in a capitalist and a communist business. 
A) Ordering a pencil for work in a communist economy usually is less complicated than the same process in a capitalist economy. 
B) Rules and regulations bind Communist bureaucrats because there is no trust that a bureaucrat can make simple business decisions. 
C) Because of underlying trust,business flows smoothly in virtually all communist societies. 
D) Ordering a pencil for work is equally complicated in a capitalist and a communist business.

Question 7

Which one of these is not a characteristic of capitalism?

Accepted Answer

A) Central planning 
B) Private property 
C) The price mechanism 
D) Competition 
A) Central planning 
B) Private property 
C) The price mechanism 
D) Competition

Question 8

The price mechanism deals _____ with the issue of an equitable income distribution and ____ with the issue of efficiency.

Accepted Answer

A) well;well 
B) poorly;poorly 
C) well;poorly 
D) poorly;well 
A) well;well 
B) poorly;poorly 
C) well;poorly 
D) poorly;well

Question 9

How did the Soviet model of communism compare to that of Karl Marx?

Accepted Answer

A) The models were identical. 
B) The Soviet model was faithful to the Marxian model,but it had been modified slightly over the years. 
C) What the Soviets were operating all these years was a classic capitalist model. 
D) While there was public ownership of the means of production,there did not appear to be a very close resemblance to the Marxian model. 
A) The models were identical. 
B) The Soviet model was faithful to the Marxian model,but it had been modified slightly over the years. 
C) What the Soviets were operating all these years was a classic capitalist model. 
D) While there was public ownership of the means of production,there did not appear to be a very close resemblance to the Marxian model.

Question 10

Statement I: Nearly all economists prefer command-and-control to incentive-based regulations to curb pollution.
Statement II: Voting for a $4 per gallon tax on gasoline would be political suicide for most of our Representatives and Senators.

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 11

Which statement is true?

Accepted Answer

A) Externalities and public goods are basic classes of market failure. 
B) Externalities,but not public goods,is a basic class of market failure. 
C) Public goods,but not externalities,is a basic class of market failure. 
D) Neither public goods nor externalities are basic classes of market failure. 
A) Externalities and public goods are basic classes of market failure. 
B) Externalities,but not public goods,is a basic class of market failure. 
C) Public goods,but not externalities,is a basic class of market failure. 
D) Neither public goods nor externalities are basic classes of market failure.

Question 12

In the former Soviet Union most of the farmland was in the form of ____________________.

Accepted Answer

The answer of In the former Soviet Union most of...

Question 13

Statement I: One major reason the Soviet Union collapsed was because it supported a huge military establishment that diverted most of its talent and capital to its military establishment.
Statement II: Despite his great efforts to shake up the bureaucracy and get the economy moving,Soviet president Mikhail Gorbachev failed.

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 14

A nation which has many active free markets in which profits motivate sellers and also regulatory bureaucracies would be an example of

Accepted Answer

A) a free market. 
B) a centrally planned economy. 
C) a mixed economy. 
D) an equitable economy. 
A) a free market. 
B) a centrally planned economy. 
C) a mixed economy. 
D) an equitable economy.

Question 15

Sweden and Norway are usually described as ________________ economies.

Accepted Answer

The answer of Sweden and Norway are usually described as...

Question 16

Which is the accurate statement?

Accepted Answer

A) There is no evidence that there is such a thing as global warming. 
B) By the end of the century,most of the cities on the east coast and the west coast will be under water. 
C) The effects of global warming are uncertain. 
D) Scientific opinion is virtually unanimous about the effects of global warming. 
A) There is no evidence that there is such a thing as global warming. 
B) By the end of the century,most of the cities on the east coast and the west coast will be under water. 
C) The effects of global warming are uncertain. 
D) Scientific opinion is virtually unanimous about the effects of global warming.

Question 17

One out of every ____ people on this planet lives in China.

Accepted Answer

The answer of One out of every ____ people on...

Question 18

Statement I: Karl Marx would have approved of the form communism took in the former Soviet Union.
Statement II: The two largest communist countries,China and the former Soviet Union,turned their backs on communism and became largely capitalist economies.

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 19

About ______ percent of China's population lives in rural areas.

Accepted Answer

A) 5 
B) 25 
C) 50 
D) 67 
A) 5 
B) 25 
C) 50 
D) 67

Question 20

Which of the following statements is false?

Accepted Answer

A) The price mechanism is most important under capitalism. 
B) The five-year plan was the main economic plan of the former Soviet Union. 
C) In most fascist economies,the means of production was left in private hands,with varying degrees of government interference. 
D) The main criticism of socialist countries is that they gave their citizens too many benefits. 
A) The price mechanism is most important under capitalism. 
B) The five-year plan was the main economic plan of the former Soviet Union. 
C) In most fascist economies,the means of production was left in private hands,with varying degrees of government interference. 
D) The main criticism of socialist countries is that they gave their citizens too many benefits.

Ours is a mixed economy because there is a ________ sector and a _ sector.

In the former Soviet Union,

Cradle-to-grave security is most common in ___________ countries.

Statement I: By collecting taxes,providing services,and issuing regulations,the government has some effect on the three economic questions: what,how,and for whom. Statement II: In the United States economy,the goals of equity and efficiency do not in any way come into conflict.

In Sweden

Which statement is the most accurate?

Which one of these is not a characteristic of capitalism?

The price mechanism deals _ with the issue of an equitable income distribution and with the issue of efficiency.

How did the Soviet model of communism compare to that of Karl Marx?

Statement I: Nearly all economists prefer command-and-control to incentive-based regulations to curb pollution. Statement II: Voting for a $4 per gallon tax on gasoline would be political suicide for most of our Representatives and Senators.

Which statement is true?

In the former Soviet Union most of the farmland was in the form of ____________________.

A nation which has many active free markets in which profits motivate sellers and also regulatory bureaucracies would be an example of

Sweden and Norway are usually described as ________________ economies.

Which is the accurate statement?

One out of every ____ people on this planet lives in China.

Statement I: Karl Marx would have approved of the form communism took in the former Soviet Union. Statement II: The two largest communist countries,China and the former Soviet Union,turned their backs on communism and became largely capitalist economies.

About ______ percent of China's population lives in rural areas.

Which of the following statements is false?

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

Ours is a mixed economy because there is a ______________________ sector and a _______________ sector.

In the former Soviet Union,

Cradle-to-grave security is most common in ___________ countries.

Statement I: By collecting taxes,providing services,and issuing regulations,the government has some effect on the three economic questions: what,how,and for whom. Statement II: In the United States economy,the goals of equity and efficiency do not in any way come into conflict.

In Sweden

Which statement is the most accurate?

Which one of these is not a characteristic of capitalism?

The price mechanism deals _____ with the issue of an equitable income distribution and ____ with the issue of efficiency.

How did the Soviet model of communism compare to that of Karl Marx?

Statement I: Nearly all economists prefer command-and-control to incentive-based regulations to curb pollution. Statement II: Voting for a $4 per gallon tax on gasoline would be political suicide for most of our Representatives and Senators.

Which statement is true?

In the former Soviet Union most of the farmland was in the form of ____________________.

A nation which has many active free markets in which profits motivate sellers and also regulatory bureaucracies would be an example of

Sweden and Norway are usually described as ________________ economies.

Which is the accurate statement?

One out of every ____ people on this planet lives in China.

Statement I: Karl Marx would have approved of the form communism took in the former Soviet Union. Statement II: The two largest communist countries,China and the former Soviet Union,turned their backs on communism and became largely capitalist economies.

About ______ percent of China's population lives in rural areas.

Which of the following statements is false?

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

Ours is a mixed economy because there is a ________ sector and a _ sector.

The price mechanism deals _ with the issue of an equitable income distribution and with the issue of efficiency.