Course Name: Economics
Textbook: Comparing Economic Systems in the Twenty-First Century. Authors: Gregory/Stuart. Edition: 7th Ed.
The text defines an economic system as
the set of institutional arrangement used to allocate scarce resources |
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the movement of capital between countries. |
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how wealth is distributed and created in a country |
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the natural resource available |
The high economic growth from the Industrial Revolution was characterized by
new opportunities to settle empty areas, particularly North America |
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rapid technological and scientific innovation |
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the expansion of national governments in Europe and North America. |
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none of the above |
According to the text, contemporary economic change in Eastern Europe was preceded by
declining economic performance |
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political change |
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the withdrawal of Soviet backing |
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all of the above |
The first conscious creation of an economic system occurred in
1776, with the creation of the United States |
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the 19th century, with Marxist communist ideology |
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1917, after the October Revolution |
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the 1920’s in the Soviet Union |
Prior to the onset of economic reform in the late 1980s, the Soviet Union and most Eastern European countries allocated resources primarily by means of
markets |
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national economic plans |
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neither a nor b |
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both a and b |
A major theme in the 1980s in the governments of England and the U.S.was
the appropriate role of government in the economy |
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the pressure for expanding trade with former socialist block countries |
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repressing inflation |
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increasing employment opportunities |
According to the text, prices in the planned socialist systems were generally set by
supply and demand forces in the market. |
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the state |
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external forces through international trade |
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none of the above |
One example of the expansion of internationalism in the 1990s was the development of a trade agreement among Canada, Mexico, and the United States. This agreement is known as
the GATT (General Agreement on Tariffs and Trade) |
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the IMF (International Monetary Fund) |
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the NAFTA (North American Free Trade Agreement) |
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the CMEA (Council for Mutual Economic Assistance). |
A major contemporary example of industrialization emphasizing foreign trade and market arrangements is the ”Four Tigers,” which are
Cuba, China, Albania, and Taiwan |
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Taiwan, Hong Kong, South Korea, and Singapore |
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China, India, Pakistan, and Poland |
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none of the above |
A major political change in the former planned socialist economies has been
the end of the political domination of Communist regimes |
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the strengthening of the Communist regimes in combination with economic decentralization |
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the full implementation of Western-style democracy |
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all of the above |
The contemporary Chinese economy is of interest because
it combines central planning with a multiparty democratic political system |
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it combines the market with a multiparty democratic political system |
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it combines the market with a single-party political system |
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none of the above |
A major change in our study of differing economic systems in the era of transition is
the renewed importance placed on the polar extremes of plan and market. |
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the renewed importance attached to mixed systems rather than polar extremes |
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a recognition of the limited importance of foreign trade in the study of different economic systems |
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none of the above |
In the analysis of the planned socialist economic systems, the concept of economic reform is usually referred to as
the replacement of the plan by the market after the collapse of the plan system |
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the attempt to improve the operation of the planned economy without a significant shift toward market arrangements |
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the frequent attempt, in the planned socialist economic systems, to introduce industrial policy |
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none of the above |
Course Name: Economics Textbook: Comparing Economic Systems in the Twenty-First Century. Authors: Gregory/Stuart. Edition: 7th Ed....
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