Micro Chapter 2 Sample Exam

Micro Chapter 2 Sample Exam - Micro Chapter 2 Sample Exam...

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Micro Chapter 2 Sample Exam 1. The two general types of economic systems that exist today are: A. market systems and capitalism. B. socialism and central planning. C. market systems and command systems. D. laissez faire systems and pure command systems. 2. Which of the following is a distinguishing feature of a command system? A. private ownership of all capital. B. central planning. C. heavy reliance on markets. D. wide-spread dispersion of economic power. 3. Which of the following is a distinguishing feature of a market system? A. public ownership of all capital. B. central planning. C. wide-spread private ownership of capital. D. a circular flow of goods, resources, and money. 4. Examples of command economies are: A. The United States and Japan. B. Sweden and Norway. C. Mexico and Brazil. D. Cuba and North Korea. 5. Of the following countries, the one that best exhibits the characteristics of a market economy is: A. Canada. B. Cuba.
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Micro Chapter 2 Sample Exam - Micro Chapter 2 Sample Exam...

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