Question 1

Which of the following is NOT a characteristic of a mixed economy?

Accepted Answer

A)   The value of most goods is established by supply and demand.
B)   The state owns some major factors of production.
C)   The state redistributes resources to the less successful actors.
D)   The state regulates the behavior of private actors.
E)   The state produces most of the important goods.

Question 2

In a market economy, the factors of production are controlled primarily by

Accepted Answer

A)   the state.
B)   private economic actors.
C)   a balance of state and private actors.
D)   banks and other financial institutions.
E)   those who sell manufactured goods.

Question 3

Adam Smith's concept of the "invisible hand" describes

Accepted Answer

A)   the large corporations that control the market economy.
B)   the indirect means through which the state controls the market economy.
C)   all the actions of households and firms regarding the uses of factors of production.
D)   the economic impact of the policy decisions of a country's political leaders.
E)   the effects of the movement of money among financial actors.

Question 4

The gross domestic product is

Accepted Answer

A)   the total value of all final goods and services produced by all the citizens of the state.
B)   the total value of all final goods and services exported by a state.
C)   the total value of all the goods and services produced or purchased by the government.
D)   the value of a country's exports minus its imports.
E)   the total value of all final goods produced within a state's territorial boundaries.

Question 5

Which approach is most committed to using the political economy to achieve economic and social equality?

Accepted Answer

A)   Corporatism
B)   Liberalism
C)   Socialism
D)   Capitalism
E)   Communism

Question 6

Identify and explain the distinguishing features of socialism, communism, and capitalism. Are they best understood as points on a single continuum?

Accepted Answer

Socialism, communism, and capitalism are...

Question 7

Which of the following is committed to a significant reduction in economic inequalities, but not to total economic equality?

Accepted Answer

A)   Socialism
B)   Fascism
C)   Communism
D)   Corporatism
E)   Capitalism

Exam 8: Political Economy

Which approach is most committed to using the political economy to achieve economic and social equality?

Correct Answer
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Identify and explain the distinguishing features of socialism, communism, and capitalism. Are they best understood as points on a single continuum?

Correct Answer
Answered by ExamLex AI
Socialism, communism, and capitalism are...
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Adam Smith's concept of the "invisible hand" describes

Correct Answer
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In a market economy, the factors of production are controlled primarily by

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Which of the following is NOT a characteristic of a mixed economy?

Correct Answer
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Which of the following is committed to a significant reduction in economic inequalities, but not to total economic equality?

Correct Answer
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The gross domestic product is

Correct Answer
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Exam 8: Political Economy

Which approach is most committed to using the political economy to achieve economic and social equality?

Correct AnswerverifiedShow Answer

Identify and explain the distinguishing features of socialism, communism, and capitalism. Are they best understood as points on a single continuum?

Correct AnswerAnswered by ExamLex AISocialism, communism, and capitalism are...View AnswerShow Answer

Adam Smith's concept of the "invisible hand" describes

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In a market economy, the factors of production are controlled primarily by

Correct AnswerverifiedShow Answer

Which of the following is NOT a characteristic of a mixed economy?

Correct AnswerverifiedShow Answer

Which of the following is committed to a significant reduction in economic inequalities, but not to total economic equality?

Correct AnswerverifiedShow Answer

The gross domestic product is

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
Answered by ExamLex AI
Socialism, communism, and capitalism are...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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