Economics Principles & Practices, Florida

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 the __________________.
A)uncertainty some people face when their jobs are threatened by competition
B)difficulties control planners face when the economy gets large
C)lack of private property ownership
D)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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