28) The ________ system of a country consists of the structure and processes it uses to allocate its resources and to conduct its commercial activities.
A) political B) economic C) social D) cultural Answer: B AACSB: Dynamics of the global economy Skill: Concept Objective: 1 Difficulty: Easy Course LO: Define the fundamental concepts of international business 7
29) A ________ economy is a system in which the government owns a nation's land, factories, and other economic resources, and schedules nearly all economic activities.
30) Central planning is rooted in the ideology that ________.
31) Which of the following statements is true of a centrally planned economy?
32) In most centrally planned economies that failed, ________.
A) market conditions had determined who would produce goods B) prices of products were seen as a function of supply and demand C) central planning agencies had specified the production goals D) central planners had paid attention to efficiency improvement Answer: C Skill: Concept Objective: 1 Difficulty: Moderate Course LO: Describe how differences in political economy influence economic development 833) Who among the following popularized the idea of central economic planning in the nineteenth century?
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- MOLE
- Economics, Business, Business Ethics, Political Economy, The Land, Economic system, Planned economy
