Exam 3: The Mixed Economy

When the production or consumption of some good or service inflicts costs on a third party without compensation it is called a(n)__________ _________.

Which does not fit with the others?

Karl Marx believed in which of the following?

National defense is an example of a ____________________.

Who said,"It is not the employer who pays wages;he only handles the money.It is the product that pays wages."

Pollution is an example of an _____________ cost.

Which one of the following is not a mixed economy?

All of the following describes Nazi Germany's economic system,except that

Producers have an incentive to produce those goods most desired by consumers at the lowest price in

In 2009,China's export surplus with the U.S.reached _______ million.

Adam Smith believed that the best way to promote the public interest was to

"From each according to his ability;to each according to his needs" is from

An economy that has a private sector and a public sector is called a _____________.

Statement I.The circular flow model oversimplifies the exchanges in our economy. Statement II.Most of the money received by households in the form of wages,rent,interest,and profits flows back to business firms in the form of consumer expenditures.

Capitalism is an economic system in which the ownership of resources is mostly

A ban on leaded gasoline has reduced ____________ pollution.

The two traumatic events which disrupted China's economic development in the late 1950s and mid-1960s were the _________________________ and the ________________________.

Karl Marx believed the central figures in an industrial economy were the

Statement I.There are several public goods that were once privately produced. Statement II.National defense is a public good.

Which economic system is usually associated with government ownership of the means of production and central planning?