ECONOMICS 12 First Term Exam Review

Multiple Choice

What economic system is used when questions are primarily answered by people who make supply and demand decisions in their own best interests?

• traditional economy

• command economy

• market economy

• mixed economy

Multiple Choice

What economic system stems from ritual or habit where their roles are defined by the customs of their elders and ancestors?

• traditional economy

• command economy

• market economy

• mixed economy

Multiple Choice

What economic system is used when tradition, government, and markets answer some of the what, how, and for whom questions of production?

• traditional economy

• command economy

• market economy

• mixed economy

Multiple Choice

What economic system is used when a central authority or the government makes the major decisions about what, how, and for whom to produce?

• traditional economy

• command economy

• market economy

• mixed economy

Multiple Choice

Which of the following economic systems possesses the disadvantage of losing the individual freedom to choose?

• traditional economy

• command economy

• market economy

Multiple Choice

Which of the following economic systems possesses the advantage of knowing one's role in the community?

• traditional economy

• command economy

• market economy

Multiple Choice

Which of the following economic systems possesses the disadvantage of discouraging new ideas and new ways of doing things that lead to stagnation and lower standard of living?

• traditional economy

• command economy

• market economy

Multiple Choice

Which of the following economic systems possesses the advantage of having a high degree of consumer satisfaction?

• traditional economy

• command economy

• market economy

Multiple Choice

Which of the following economic systems possesses the advantage of allowing most citizens to receive some goods and services that they would otherwise not be able to afford?

• traditional economy

• command economy

• market economy

Open Ended

Explain the principle of the socialist economy that says, "There's No Such Thing As A Free Lunch".

Multiple Choice

Which country is an example of a capitalist country?

• Russia

• North Korea

• Singapore

• Cuba

Multiple Choice

Which of these statements apply to present-day Sweden?

• Its unemployment rate and GDP per capita are relatively high.

• Its taxation and unemployment rates are relatively low.

• Its GDP per capita and welfare payout rates are both relatively low.

• Its unemployment rate and GDP per capita are relatively low.

Multiple Choice

The fundamental restructuring of the Soviet economy introduced by President Mikhail Gorbachev is _______________.

• Solidarity

• nationalization

• perestroika

• keiretsu

Multiple Choice

The independent Polish labor union founded in 1980 and is influential in securing a number of political freedoms in Poland is _______________.

• Solidarity

• nationalization

• perestroika

• keiretsu

Multiple Choice

Capitalistic ideal promotes a classless society in which everyone works for the common good.

• TRUE

• FALSE

​COMMUNISM ideal promotes a classless society in which everyone works for the common good.

Multiple Choice

Citizens in Sweden objected to the nation’s high rate of taxation that's why they moved from socialism to a more mixed economy.

• TRUE

• FALSE

Multiple Choice

South Korea’s economic growth in the late 20th century proved that capitalism can restore a damaged economy.

• TRUE

• FALSE

Multiple Choice

Gosplan is the attempt to quickly revolutionize industrial and agricultural production in China.

• TRUE

• FALSE

​the attempt to quickly revolutionize industrial and agricultural production in China

​GOSPLAN

central authority that devised the plans​ and directed overall economic activity in the Soviet Union

Multiple Choice

Keiretsu is an independently owned group of Japanese business firms united to regulate competition in the market.

• TRUE

• FALSE

Open Ended

Discuss the experience/s of South Korea when the country transitioned to capitalism. Base your answer on what was discussed in class.

Open Ended

Discuss the experience/s of Russia when the country was trying to boost their economy. Base your answer on what was discussed in class.