Exam 3: The Mixed Economy

Which does not fit with the others?

Because of the scarcity of resources, every country must answer the three basic economic questions: _________________; ____________________; and ________________.

Which statement is most accurate?

Which of the following statements is not true?

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

Pollution is an example of an _____________ cost.

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

Which statement was coined by Adam Smith?

Karl Marx believed in which of the following?

Under the old Soviet version of communism in the U.S.S.R., the questions of 'What?', 'How?', and 'For whom?' were answered by

An example of a public good would be

The economist who argued that most prices in our mixed economy are set by the nation's largest corporations was

Under a communist system,

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

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

Statement I. Adam Smith believed the federal government should play a larger role in the economy. Statement II. Adam Smith said that a person pursuing his own interest "frequently promotes that of society more effectually than when he really intends to promote it."

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

Which statement is true?

Statement I. Pollution is an example of a market failure. Statement II. Mowing your lawn provides an external benefit.

Which of the following statements is false?