Economic Systems Quiz

What is a comprehensive, centralized economic strategy for achieving rapid industrialization, used by the Soviet Union and China?

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Which country has the highest per capita income and is a capitalist system? Norway, Germany, Singapore, the United States OR Canada

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Which type of economic system develops because people become unhappy with aspects of their current economy?

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The workers have little incentive to make products well, what type of economy does this describe?

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In a transitioning economy, how would privatization tend to raise a nation’s overall standard of living in regards to productivity?

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A high degree of individual freedom is an advantage for what type of economy?

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Which of the countries has an economy most similar to that of the former Soviet Union? South Korea, North Korea, Sweden, Norway or U.S.

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In a command economy, who manages ALL production?

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Which country is the most obvious example of successful privatization? Cuba, Soviet Union, Thailand, China, Cuba, North Korea

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What conclusion about a damaged economy can we draw about capitalism from South Korea’s economic growth in the late 20th century?

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