wane Kylee, Parish Gare Chapter? Test DIRECTIONS: Matching: Match each description with the correct type of economic system. Each letter will be used more than once. 3il4s +5 A\__1,Based on rituals, customs, habits AA. Traditional Economy aSingapore 8. Command Economy A ¢ __3.North Korea . Market Economy Ba pnate ownersip 2 _5.contalauthorty makes deesions 8 _prevance tor economic stagnation A\__7 everyone has arole © _8 Does not provide for everyone £2 _Aariety of high-quality goods and services 5 _ 10 brastiechange of drectonsin society DIRECTIONS: Multiple Choice: Indicate the answer choice that best completes the statement or answers the question. “2 ry do met market econamies exis? Bre three main economic systems are extreme and used more for cassfiation C Nations evolve over time, adjusting policies as they go. D.Allof the above 12. The Great Depression was A.a comprehensive, centralized economic plan to coordinate development of agriculture and industry ine worst pred of concic deinen US stony D. forced collectivization of agriculture and rapid industrialization_—— 13. Which of the following is an example of a country that has a command economy (@Norh korea . Singapore Japan 414, The Five-Year Plan took place in A. Russia B.China 15, How is the principle of “There 1s No Such Thing As A Free Lunch” illustrated in a socialist ‘economy? 8. The marketplaces in a socialist economy are free for anyone to enter. C Socialist policies offer advantages to the wealthy at the expense of those less well off sel cosyics teat ie Cateye facestearet x Hane HeN Ee oe 16, Which type of economy is most prevalent in the world today? A. Market ¢.Command Ges 21h of he folowing hs exanpest ech he here maloceanamic sens? Gout, Venue, Ausla 8. Aboriginals, North Korea, Cuba . Cuba, Canada, Vietnam __ 18. What kind of economy offers uniformity in wages regardless of individual productivity? A Alleconomies > (B)Iraditional economies D. Command economies18. na transitioning economy, why would privatization tend to raise a nation’s overall standard of ving? B It places the means of production in the hands of the government. (Feorle are more key tobe productive when & benefits them personaly. D. it places a nation’s ruling lass in a position to administer the economy efficiently oh wit of tne flaming ls economic systems mode om east to mos exible? ‘A. command, socalim, free market Qdociaism, command, free market D. free market, command, socialism. 21. Which of the following represents a place where the transition to capitalism is nearly ‘complete but far from fully effective? A North Korea (Snare B.South Korea (Which of these economic systems have the least in common? ‘market economy and capitalism command economy and capitalism ‘8. command economy and socialism 2, Whattenat on example of soclsmin the United Sates? . C Heathcare 5 (Slonsiren towing nek parents scupaton —_p. Sodalseurty nat economic ystem are many counties and regions in transiion switching to? hcomrintn (sets Capitalismphone snot problem of tanstion? A low-quality goods D. underestimating the costs Ae ra ‘Which of the following is the best description ofthe economic system in Cuba? A. itis acommand economy with a strong central authority. B. tis a command economy in transition to a mixed economic system. r) isa traditional economy witha strong central authorty 27. Who did Karl Marx believe would be the beneficiaries of socialism? A. property owners @workers D capitalists 28, Who tumed Venezuela into a socialist country? A. Mao Zedong, .Boris Yeltsin ee (@rrugo chaver 29, Which of the following explains why products made under a command economy are more Uicely to be low quality? B ‘he workers who make themhave te incentive to make them wel 8. The workers who make them are not given quality-control guidelines. The workers who make them are forced by tradition to use old-fashioned methods,30. Which statement describes : why the peopl i! feisca itu afternanet Colony? ple in anation with a command economy might (BH People who hold poli power are threatened ty fundamental changes B Workers are reluctant to give up their participation in a classless society. C._Workers are reluctance to accept complete government control of thelr economy DIRECTIONS: True/False: In the blank, indicate whether the statement is true (T] or false (F) 31. Acountry with a socialist economy wilikely have a communis pot system. £32. The Proletariats are the business leaders and the Bourgeois are the workers e 33. There isnot always a degree of government involved in a mixed economy. 34. According to Marx, you have to pass through Socialism to get to Communism ie reeves was used to combat economic stagnation in Japan DIRECTIONS: Matching: Match each description with the correct type of economic system. C36. economic shift rom private to government ownership A. Black Market D_ af fundamentalrestructuring ofthe Soviet economy a creat eap Forward By se Market where goods and senees are sol legally .Nationakzation _ B39, china'ssecond Five-vear Plan B Keretsu E_po/ndependent panes ts untedtorequte competion Perestroika Essays ‘81-45, How does an economic system help a society deal wth the fundamental problem of = Ecoronte Systems help Secic ty? paiooris : 3 xe clone SE Ue pees ee oe 9 ey pruviem by inerrote of 9 Ee phe Toroare f a boy price, fOr Gnomes