Econ Chapter 2 Test

Which of the following is a cause of struggle in the process of privatization?

Worst period of economic decline in U.S. history lasting from 1929 to 1939

transitioning economy, why would privatization raise a nation’s overall standard of living?

Economic system that has some combination of traditional, command, and market economies

Economic system in which the allocation of resources is the result of ritual, habit, or custom

Economic system characterized by a central authority that makes most of the economic decisions

Number of people per square mile of land area

Economic and politcal system which factors of production are owned by the state

Economic system in which supply and demand helps determine the WHAT, HOW, and FOR WHOM

which of these countries has an economy most similar to that of the former Soviet Union

which system is the government most likely to provide people with goods and services

which of these is the most striking example of the costs and risks of pure capitalism

Which of these statements is descriptive of a MARKETeconomy?

Which of these statements describes a DISADVANTAGE of a traditional economy?

which of these helps explain why mixed economies develop

Centralized economic plan used by the Soviets and China to develop agriculture and industry

Economic system which private citizens own and use factors of production to generate profits

Which of the following is a feature of command economy to distinguish from a market economy

Conversion of state-owned factories and property to private ownership

Which of these economic systems have the LEASTin common?