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- 17- There is freedom of choice for the consumers in United States of America. Identify which type of economic system this country has. a. Command economy b. None of these c. Capitalist economy d. Mixed economy14. The Chinese government controls all factors of production, the Chinese government has which type of economic systems? A) Capitalism B) Socialism C) Market D) Communism18- Mr. Yusuf enjoys economic freedom; He owns a factory which produces steel products. There are no government regulations for his company. The economic system Mr. Yusuf falls into is ___________. a. Mixed economy b. Capitalist economy c. Command economy d. planned economy
- 6. Capitalism and socialism Check the countries whose economies are best described as "mixed," combining aspects of both capitalism and socialism. Check all that apply. ☐ Iceland Canada ☐ Finland Luxembourg France Which of the following are defining characteristics of a capitalist economy? Check all that apply. Public ownership of resources A democratic government Centralized decision making Private ownership of resources Decentralized decision making through markets13- Which of the following economic systems has a government control on its private companies? a. Capitalist economy b. Socialist economy c. Free market economy d. Mixed economy5. Cuba dictates and decides most of the economic decisions. Identify the type of economic system in Cuba. a. Mixed economy b. Market economy c. Capitalist economy d. Command economy
- 6. Study Questions and Problems #6 Which of the following accurately explain why Karl Marx believed the market system was doomed to collapse? Check all that apply. Capitalism would collapse due to its principle "from each according to his ability, to each according to his need." Wealthy owners would go too far and exploit workers because unrelenting greed for profits would lead the owners to pay starvation wages. A spontaneous revolution by oppressed workers would destroy a system benefiting only the owners of capital. Communism is the ideal system, which would evolve in stages from capitalism through socialism.28- If the resources in an economy is fully owned by the government, such economies are called_____. a. Command economy b. Capitalist economy c. Economic system d. Mixed economy10. Strengths and weaknesses of the three basic types of economies Imagine you are a consultant who has been asked to summarize the strengths and weaknesses of Directavia, a nation with a pure command economy. Which of the following would you include in your report as weaknesses of Directavia's economy? Check all that apply. Workers' earnings are unequal, relative to a market economy. The economy cannot quickly change the type of goods being produced to meet new priorities. O Many goods are available only through a black market. The economy experiences persistent shortages and surpluses.
- 7. Communism in China failed in part because: Pick one A. Government was unsuccessful in getting people organized B. People had no self-interest in the outcomes of their labor C. Large farms were not well suited to China1. Understand the relationship of capitalism and popular cultureNo Plagiarism Please! 8. Explain the difference between capitalism and communism. What role does the government play in each type of economic system?