Econ Chapter 2 Test

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

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

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

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

Conversion of state-owned factories and property to private ownership

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

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

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

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

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

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

Which of these economic systems have the LEASTin common?

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

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

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

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

which of these helps explain why mixed economies develop

Number of people per square mile of land area

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

Which of these statements is descriptive of a MARKETeconomy?