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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
how should the goods and services be produced
B
for whom should the goods and services be produced?
C
what goods and services should be produced?
D
when should goods be produced
2) which of the following countries is most command?
A
canada
B
north korea
C
france
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
China
C
United States
D
Russia
5) Who is the father of communism
A
Robert Owen
B
Vlad Lenin
C
karl marx
D
george bush
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
traditional marriage, religion, private property
B
crime, islam, mistreatment of women
C
homosexuality, poor labor conditions, taxes
D
poverty, hate, greed
7) Which would be a pro of command/socialism
A
more freedom
B
lower taxes
C
rich are given benefits
D
poor are given benefits
8) which would be a pro of capitalism/ market economy
A
more labor unions to take care of workers
B
more incentive to work
C
poor people are given more benefits
D
higher taxes
9) _________ of the people is always limited under a command economy
A
taxes
B
freedom
C
government
D
labor conditions
10) there are many countries who are either totally market or totally command
A
eh...maybe
B
false
C
uh uh
D
true
11) in the market system, the 3 econ questions are answered by...
A
animals
B
individuals through buying and selling in the marketplace
C
elected officials of the people
D
government employees
12) any place where buyers and sellers exchange goods and services for some form of $
A
under the table
B
exchange
C
marketplace
D
business
13) what are transition economies?
A
countries moving from market to command
B
countries moving from agriculture to industrial
C
countries moving from command to market
D
countries changing elected officials
*select an answer for all questions
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