Which of the following could raise the cost of production in a command economy?

a large and inefficient bureaucracy

Which of the following lists economic systems in order from least to most flexible?

command, socialism, free market

How are economic transactions shaped in a traditional economy?

Elders and ancestors make certain that things are done in specific ways.

Which explains why products made under a command economy are more likely to be low quality?

Workers make them have little incentive to make them well

Which of these is a major advantage of a market economy?

There is a high degree of individual freedom

Which of the following is the best description of the economic system in Cuba?

Command economy with a strong central authority

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Chapter 2 Economic Systems and Decision Making

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Questions 15

Answers

1
Which of the following is a feature of Japanese capitalism that would be illegal in the United States?
keiretsu
collectivization of industry and agriculture
perestroika
privatization of business sectors
2
Economic sector in which goods and services are sold illegally
capitalism
black market
privatization
command economy
3
Efficient way of allocating resources and producing and distributing goods and services
Capitalism
Nationalization
Welfare
Economic system
4
Economic shift from private ownership to government ownership
nationalization
capitalism
market
privatization
5
System in which economic activity is driven by supply, demand, and the price system
capitalism
growth
market economy
choices
6
Which of the following could raise the cost of production in a command economy?
a large and inefficient bureaucracy
a newly discovered source of raw materials
a free media
a strict quota system
7
Which of the following lists economic systems in order from least to most flexible?
free market, command, socialism
command, socialism, free market
free market, socialism, command
socialism, command, free market
8
How are economic transactions shaped in a traditional economy?
Each community decides as a group for whom the group will produce.
Elders and ancestors make certain that things are done in specific ways.
The three basic questions of production do not arise in this type of econom
Individuals form networks within which they buy, sell, and trade as they c
9
System in which economic activity is ritual, habit, or custom
Command Economy
Family
Traditional Economy
Capitalism
10
Which explains why products made under a command economy are more likely to be low quality?
Workers are forced by tradition to use old-fashioned methods
Workers who make them are left to manage production
Workers make them are not given instructions
Workers make them have little incentive to make them well
11
Which of these is a major advantage of a market economy?
There is a high degree of individual freedom
There is efficient government control
It can change direction rapidly as needed
People are likely to be offered goods and services they cannot afford
12
Centralized economic strategy for achieving rapid industrialization, used by the Soviet Union and China
Five Year Plan
Socialism
Flexibility
Great Leap Forward
13
Which nation today is the most striking example of successful privatization?
North Korea
Soviet Union
Cuba
China
14
Which of the following is the best description of the economic system in Cuba?
Command economy in transition to a mixed economic system
Command economy with a strong central authority
mixed economy in transition to a command economy
traditional economy with a strong central authority
15
Chinese strategy used to quickly revolutionize industrial agriculture and production
Five Year Plan
Privatization
Great Leap Forward
Traditional Economy

Chapter 2 Economic Systems and Decision Making Flashcards | StudBud