Question 1

Which of the following statements best describes the role played by prices in a command economy such as the former Soviet Union?

Accepted Answer

A)   Prices were used to allocate resources.
B)   Prices played the same role as in a market economy.
C)   Prices were used to ration final goods and services but not to allocate resources.
D)   Prices were not used at all.

Question 2

The economic system that has the benefit of cooperation among individuals but suffers from a lack of individual initiative that leads to greater production describes the:

Accepted Answer

A)   market economy.
B)   command economy
C)   soviet economy.
D)   traditional economy.

Question 3

The process of turning a government enterprise into a private enterprise is:

Accepted Answer

A)   marketization.
B)   entrepreneurship.
C)   nationalization.
D)   privatization.

Question 4

Which of the following is a characteristic of capitalism?

Accepted Answer

A)   government ownership of all capital
B)   government decision-making is preferred to decentralized decision-making
C)   market determination of prices and quantity
D)   equality of income

Question 5

The economic system that is generally considered to be the most efficient at answering the What to produce and the How to produce questions is the:

Accepted Answer

A)   market economy.
B)   command economy
C)   soviet economy.
D)   traditional economy.

Exam 22: Economies in Transition

The economic system that is generally considered to be the most efficient at answering the What to produce and the How to produce questions is the:

Correct Answer
verified

Which of the following statements best describes the role played by prices in a command economy such as the former Soviet Union?

Correct Answer
verified

The economic system that has the benefit of cooperation among individuals but suffers from a lack of individual initiative that leads to greater production describes the:

Correct Answer
verified

Which of the following is a characteristic of capitalism?

Correct Answer
verified

The process of turning a government enterprise into a private enterprise is:

Correct Answer
verified

Exam 22: Economies in Transition

The economic system that is generally considered to be the most efficient at answering the What to produce and the How to produce questions is the:

Correct AnswerverifiedShow Answer

Which of the following statements best describes the role played by prices in a command economy such as the former Soviet Union?

Correct AnswerverifiedShow Answer

The economic system that has the benefit of cooperation among individuals but suffers from a lack of individual initiative that leads to greater production describes the:

Correct AnswerverifiedShow Answer

Which of the following is a characteristic of capitalism?

Correct AnswerverifiedShow Answer

The process of turning a government enterprise into a private enterprise is:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified