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Business - Economic Systems
Test Description: Contrasting the two economic systems
Instructions: Answer all questions to get your test result.
1) Which of the following economic questions does not fit?
A
for whom should the goods and services be produced?
B
when should goods be produced
C
how should the goods and services be produced
D
what goods and services should be produced?
2) which of the following countries is most command?
A
north korea
B
france
C
canada
D
united states
3) which of the following is more likely to be found in a market economy?
A
deflation
B
competition
C
centralized planning
D
greed
4) Which country answered the question of how goods and services are to be produced by having people produce steel by melting down their pots and pans?
A
Cuba
B
United States
C
China
D
Russia
5) Who is the father of communism
A
Robert Owen
B
george bush
C
Vlad Lenin
D
karl marx
6) According to Robert Owen what were the 3 evils he was trying to rid New Harmony of? (you will have to do research on this one)
A
crime, islam, mistreatment of women
B
homosexuality, poor labor conditions, taxes
C
poverty, hate, greed
D
traditional marriage, religion, private property
7) Which would be a pro of command/socialism
A
poor are given benefits
B
rich are given benefits
C
more freedom
D
lower taxes
8) which would be a pro of capitalism/ market economy
A
more labor unions to take care of workers
B
poor people are given more benefits
C
more incentive to work
D
higher taxes
9) _________ of the people is always limited under a command economy
A
freedom
B
government
C
taxes
D
labor conditions
10) there are many countries who are either totally market or totally command
A
uh uh
B
true
C
eh...maybe
D
false
11) in the market system, the 3 econ questions are answered by...
A
government employees
B
elected officials of the people
C
animals
D
individuals through buying and selling in the marketplace
12) any place where buyers and sellers exchange goods and services for some form of $
A
under the table
B
marketplace
C
business
D
exchange
13) what are transition economies?
A
countries moving from market to command
B
countries changing elected officials
C
countries moving from agriculture to industrial
D
countries moving from command to market
*select an answer for all questions
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