Which is NOT a common criticism of a Command Economy?

The private sector controls the distribution of goods,

The disadvantages of a Traditional Economy are all these below, EXCEPT...

It is oriented around the family

FDR introduced the principles of a mixed economy to the US by all of the following EXCEPT,,,

Increasing the size of the U.S. Army

All of the following are advantages of a Traditional Economy EXCEPT...

it features modern medical care.

The advantages of a Command Economy are all of those below EXCEPT...

Local planning authorities produce what consumers need

The answers to Traditional Economy questions are all of those below EXCEPT...

The government determines what will be produced.

Everything below is true of a market economy EXCEPT...

if demand for a product is high the price is lower

In "Pure Capitalism" the following is true EXCEPT...

The workers have a say in production

All of the following are disadvantages of a Command Economy EXCEPT

There are very high taxes for most people.

In a Market Economy the ultimate voter is the consumer because ...

They vote with their dollars & decide which products survive

Which of the following is NOT a trait of a Mixed Economy?

Government controls small businesses

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Comparative Economic Systems

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A comparative look at Capitalism, Command, Traditional and Mixed Economies.

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Questions 25

Answers

1
Which is NOT a common criticism of a Command Economy?
The private sector controls the distribution of goods,
They are inefficient and reward unproductive workers
They result in shadow/ illegal markets.
Competition and entrepreneurship is discouraged.
2
What did critics claim was necessary in order to end capitalism?
A Communist revolution
A benevolent dictator.
Return to a traditional economy
A Fascist take-over.
3
The disadvantages of a Traditional Economy are all these below, EXCEPT...
It brings a lower standard of living.
it has no mechanisms in place to deal with disasters
It discourages new ways of doing things.
It is oriented around the family
4
In a Command Economy what economic questions do individuals decide?
Who will receive the goods and services?
What to produce?
None of the of the above.
How to produce goods and services?
5
All of the following are examples of aTraditional Economy EXCEPT...
the urban centers of Europe
villages in Africa and South America
the Aborigines in Australia
the Inuit tribes in Canada
6
Which is NOT a basic economic decision that all societies make?
What to produce?
Where to produce?
For whom to produce?
How to produce?
7
FDR introduced the principles of a mixed economy to the US by all of the following EXCEPT,,,
Providing welfare
Increasing the size of the U.S. Army
Establishing Social Security for the elderly.
Expanding the government ,
8
Self-interest
Implies selling at the highest possible price
All of the above
Implies the minimization of losses.
implies the maximization of profits
9
All of the following are advantages of a Traditional Economy EXCEPT...
it assures a stable, predictable, and continuous life
it features modern medical care.
it creates economic roles for all members of the community•
it revolves around family•
10
In a market economy, resources are allocated through...
individual wealth
individual decision making.
everybody in the the village
the government
11
Economics is the study of "________" and how societies make economic decisions.
Scarcity
Resources
Money
Labor
12
The advantages of a Command Economy are all of those below EXCEPT...
Health and other services available at little or no cost.
Local planning authorities produce what consumers need
Central authority can make a quick change in a short time.
Little uncertainty over the choice of a career.
13
Most countries are…
Command Economies
Mixed Economies
Traditional Economies
Market Economies
14
The answers to Traditional Economy questions are all of those below EXCEPT...
People follow their customs & make what their ancestors made
Goods & services are made for people in the village
People make things the same way that their ancestors did
The government determines what will be produced.
15
Everything below is true of a market economy EXCEPT...
if the price of a product is high it's usually more scarce
if demand for a product is high the price is lower
if demand for a product is high the price is higher
prices act as signals of scarcity
16
In "Pure Capitalism" the following is true EXCEPT...
Individuals pursue their own self interest
The workers have a say in production
government has limited involvement in the economy.•
There is individual ownership of the factors of production.•
17
All of the following are types of Economies, EXCEPT
Command
Capatalist
Controled
Traditional
18
A Traditional economy is based on...
free enterprise
laissez-faire
customs and beliefs
government control
19
Which of the following is a quote from Karl Marx?
Man is born free, yet everywhere I see him in chains.
You say you want a revolution?
Workers of the World Unite!
All money is a matter of belief.
20
All of the following are disadvantages of a Command Economy EXCEPT
It lacks effective incentives to get people to work
It requires a large bureaucracy.
There are very high taxes for most people.
It does not meet wants and needs of consumers
21
In a Market Economy the ultimate voter is the consumer because ...
They vote for the head of the Federal Reserve
They have no choice what goods and services can be purchased
The invest in the stock market
They vote with their dollars & decide which products survive
22
Which of the following is NOT a trait of a Mixed Economy?
Citizens are taxed heavily
Consumers generally have a wide variety choices
Government controls small businesses
Workers tend to be somewhat less productive
23
•In a free-market country, people can
buy services for private use
All of the above
own their own businesses
own their own property
24
The United States of America is a...
Command Economy
Traditional Economy
Market Economy
Mixed Economy
25
In a Traditional economy, exchange of goods is done though...
war
currency exchange
bartering
the stock market

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