The most important factor for a pure capitalist system to function is Select one
ID: 1214273 • Letter: T
Question
The most important factor for a pure capitalist system to function is
Select one:
a. Democracy
b. Well defined property rights
c. A fair and just legal system
d. A responsible government
Which is NOT a key economic question for a society?
Select one:
a. Who controls resources?
b. What to produce?
c. When to produce?
d. For whom to produce?
e. How to share the wealth or production?
If an economic system has no economic role for government and all resources are privately controlled and all production and distribution decisions of goods, services, and income are in the hands of private individuals, this economic system is a
Select one:
a. Pure capitalism
b. Pure Communism
c. Mixed (Socialist) system
China has a communist political system with a central political party and no political competition. China has an economic system with government controlled firms and privately owned firms. True or False: China's economy is pure Communism.
Select one:
True
False
Which would occur in a pure capitalist economic system?
Select one:
a. Central authority protects property rights
b. People with no resources to sell (land, labor, capital) would starve
c. Fewer monopolies would result due to competition in industries
d. Private firms would supply public goods at an optimal level for the society
Which would occur in a pure communist economic system?
Select one:
a. Resources are used efficiently because planners allocate resources as needed
b. Central plans reflect the wants of society, as opposed to the desires of the central planners and leaders
c. Government plans for a limited offering of goods and services
d. Incentives spark creativity and innovation, thus developing better products
In 2014, the USA has which type of economic system?
Select one:
a. Pure capitalism system
b. Communist system
c. Mixed (Socialist) system
When a society shifts from pure capitalism to a mixed, socialist system, it loses some _____, but gains _____.
Select one:
a. poverty, efficiency
b. poverty, inefficiency
c. inefficiency, poverty-reduction
d. efficiency, poverty-reduction
Explanation / Answer
The most important factor for a pure capitalist system to function is
c. A fair and just legal system
Which is NOT a key economic question for a society?
Select one:
a. Who controls resources?
If an economic system has no economic role for government and all resources are privately controlled and all production and distribution decisions of goods, services, and income are in the hands of private individuals, this economic system is a
Select one:
a. Pure capitalism
China has a communist political system with a central political party and no political competition. China has an economic system with government controlled firms and privately owned firms. True or False: China's economy is pure Communism.
True
Which would occur in a pure capitalist economic system?
Select one:
a. Central authority protects property rights
Which would occur in a pure communist economic system?
b. Central plans reflect the wants of society, as opposed to the desires of the central planners and leaders
In 2014, the USA has which type of economic system?
Select one:
a. Pure capitalism system
When a society shifts from pure capitalism to a mixed, socialist system, it loses some _____, but gains _____.
Select one:
d. efficiency, poverty-reduction