Economics Principles & Practices

Chapter 18: Comparative Economic Systems

Self-Check Quizzes

1
A ____________ economy offers a high degree of consumer satisfaction, is highly decentralized, and offers a great deal of freedom for consumers and producers.
A)communist
B)socialist
C)Marxist
D)capitalist
2
One of the main disadvantages of capitalism is __________________.
A)that it ignores the production of many public goods
B)the difficulties control planners face when the economy gets large
C)the lack of private property ownership
D)the inability to adjust to change
3
All productive resources are government owned and controlled under __________.
A)socialism
B)cooperativism
C)communism
D)capitalism
4
______________ was the Soviet leader who introduced Five-Year Plans as a feature for centralized planning.
A)Yeltsin
B)Stalin
C)Lenin
D)Gorbachev
5
The collapse of the Soviet economy in the early 1990s was due to __________.
A)the fracture of the New Economic Plan
B)the economic competition from the west
C)too few Five-Year Plans
D)the inefficiencies of central planning
6
The fundamental restructuring of the economy under Gorbachev was called _____________.
A)the bulla
B)perestroika
C)Gosplan
D)the New Economic Plan
7
Solidarity was influential in securing a number of political freedoms in _________.
A)Hungary
B)Czechoslovakia
C)Poland
D)Estonia
8
When command economies make the transition to capitalism, they face all of the following challenges except ____________.
A)the gain of economic stability
B)privatization
C)a shift in political power
D)the Gosplan
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