Question

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
		the movement of capital between countries.
		how wealth is distributed and created in a country
		the natural resource available

The high economic growth from the Industrial Revolution was characterized by

		new opportunities to settle empty areas, particularly North America
		rapid technological and scientific innovation
		the expansion of national governments in Europe and North America.
		none of the above

According to the text, contemporary economic change in Eastern Europe was preceded by

		declining economic performance
		political change
		the withdrawal of Soviet backing
		all of the above

The first conscious creation of an economic system occurred in

		1776, with the creation of the United States
		the 19th century, with Marxist communist ideology
		1917, after the October Revolution
		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
		national economic plans
		neither a nor b
		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
		the pressure for expanding trade with former socialist block countries
		repressing inflation
		increasing employment opportunities

According to the text, prices in the planned socialist systems were generally set by

		supply and demand forces in the market.
		the state
		external forces through international trade
		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)
		the IMF (International Monetary Fund)
		the NAFTA (North American Free Trade Agreement)
		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
		Taiwan, Hong Kong, South Korea, and Singapore
		China, India, Pakistan, and Poland
		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
		the strengthening of the Communist regimes in combination with economic decentralization
		the full implementation of Western-style democracy
		all of the above

The contemporary Chinese economy is of interest because

		it combines central planning with a multiparty democratic political system
		it combines the market with a multiparty democratic political system
		it combines the market with a single-party political system
		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.
		the renewed importance attached to mixed systems rather than polar extremes
		a recognition of the limited importance of foreign trade in the study of different economic systems
		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
		the attempt to improve the operation of the planned economy without a significant shift toward market arrangements
		the frequent attempt, in the planned socialist economic systems, to introduce industrial policy
		none of the above

Answer 1

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