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Ch 4: Economic Systems and
Development
C
HAPTER
4
E
CONOMIC
S
YSTEMS AND
D
EVELOPMENT
TRUE/FALSE
QUESTIONS
1.
China is developing its economy based
on natural resources and cheap labor while India
is
relying on the brainpower of its
people.
2.
Incentives and rewards for individual
business initiatives are an important component of
collectivist cultures.
3.
Collectivist cultures
tend to offer fewer incentives and rewards than
individualist cultures.
4.
Entrepreneurs are businesspeople who
accept the risks and opportunities involved in
creating
and operating new business
ventures.
5.
A
country’s economic system consists of the
structure and processes it uses to allocate its
resources and conduct its commercial
activities.
6.
Similar to how national cultures are
neither completely individualistic or completely
collectivist, no economic system
reflects a completely individual or group
orientation.
7.
In a centrally planned economy,
entrepreneurs own a nation’s land, factories and
other
economic resources in a strategic
fashion.
8.
In a
centrally planned economy, the government makes
nearly all economy-related decisions
including who produces what and the
prices of products, labor, and capital.
9.
Central
planning is rooted in the ideology that the
welfare of the group is more important than
individual well-being.
10.
German philosopher
Helmut Newton popularized the idea of central
planning in the
nineteenth century.
11.
Nearly all
economic-related decisions in a centrally planned
economy are determined by the
interplay
of supply and demand.
12.
In a market economy, the majority of a
nation’s land, factories, and other economic
resources
are government owned.
13.
The price
mechanism dictates supply and demand in a market
economy.
14.
Market economics is rooted in the
belief that group concerns should be placed above
individual well-being.
15.
Canada and the United
States are examples of contemporary market
economies.
16.
One key feature of a market economy is
price flexibility, which allows most prices to
rise and
fall to reflect the forces of
supply and demand.
Ch 4: Economic Systems and Development
17.
18.
19.
20.
21.
22.
23.
Free choice
in a market economy gives individuals access to
alternative purchase options.
Free
enterprise in a market economy gives companies the
ability to decide which goods and
services to produce and the markets in
which to compete.
A monopoly occurs
when one company is able to control a product’s
supply and, therefore,
its price.
Technological dualism occurs when a
country uses the latest technologies in its
economy but
exports outdated
technologies to developing countries.
Managers in the poorest transitional
countries tend to lack training in all areas of
business
management.
Transition replaces a people’s
dependence on government with greater reliance on
social
welfare and unemployment
benefits.
Political instability in the
form of intensified nationalism is threatening
Russia’s further
progress toward
transition.
The absence of a well-
functioning tax code is one major problem facing
Russia today.
24.
25.
Russia has established a
strong tax revenue system to fund its transition
to a market economy.
MULTIPLE CHOICE QUESTIONS
1.
In most failed centrally
planned economies, ________.
a.
market conditions helped
determine who produced what goods
b.
prices of products were a
function of supply and demand
c.
central planning agencies
specified production goals and decided prices
d.
central
planners paid a great deal of attention to
efficiency
2.
In
which of the following systems is a nation’s land,
factories, and other economic resources
owned by the government?
a.
Mixed economy
b.
Public economy
c.
Market
economy
d.
Centrally planned economy
3.
Who makes nearly all
economy-related decisions in a centrally planned
economy?
a.
Consumers
b.
Entrepreneurs
c.
Government
d.
Employees
4.
All the following are true of centrally
planned economies EXCEPT ________.
a.
government determines who produces what
products
b.
government
determines the prices of products and labor
c.
factories are privately
owned
d.
government sets
production goals
5.
6.
7.
Ch 4: Economic Systems
and Development
Who popularized the
idea of central economic planning?
a.
Jiang Zemin
b.
Karl Marx
c.
Mikhail Gorbachev
d.
Henry Fayol
All the
following factors contributed to the collapse of
centrally planned economies EXCEPT
________.
a.
failure to provide incentives
b.
failure to satisfy
consumer needs
c.
failure to
create political value
d.
failure to measure up
Factors contributing to the collapse of
centrally planned economies include all the
following
EXCEPT ________.
a.
little attention was paid
to the task of producing quality goods and
services at the
lowest possible cost
b.
government ownership of
economic resources reduced incentives for people
and
organizations to maximize the
benefits obtained from the resources
c.
economic growth in countries like Hong
Kong, Singapore, South Korea, and Taiwan
took opportunities away from the
centrally planned economies and caused economic
distress
d.
would-be consumers in many centrally
planned economies were tired of standards of
living that had slipped far below those
of their counterparts in market economies
North Korea practices a policy of self
reliance that it calls ________.
a.
guanxi
b.
laissez-faire
c.
juche
d.
privatization
Which of the
following was NOT true of centrally planned
economies?
a.
At the time of
their collapse, standards of living in most
centrally planned economies
was at or
above that of market economies.
b.
Basic necessities were often not
provided to citizens in centrally planned
economies.
c.
Underground
economies for goods and services thrived in most
centrally planned
economies.
d.
Prices on the black market were much
higher than the official prices set by
governments.
When the
government controls the economic sectors it
considers important to national
security and long-term stability, it is
said to have a(n) ________ economic system.
a.
market
b.
mixed
c.
centrally planned
d.
open
France, Germany, and
Sweden are examples of ________.
a.
centrally planned economies
b.
market economies
c.
closed economies
8.
9.
10.
11.
Ch 4: Economic Systems and
Development
12.
13.
14.
15.
16.
17.
18.
19.
d.
mixed economies
All of the following comprise the
ultimate goal of a mixed economy EXCEPT ________.
a.
low unemployment
b.
low poverty
c.
low economic growth
d.
an equitable distribution of wealth
Extensive government ownership of
assets in centrally planned and mixed economies
tends to
result in ________.
a.
a lack of responsibility
and accountability
b.
defective products
c.
rising costs
d.
slow economic growth
e.
all of the above
The sale of
government-owned economic resources to private
operators is called ________.
a.
the price mechanism
b.
laissez-faire economics
c.
privatization
d.
guanxi
The main goal of
privatization is to ________.
a.
lower responsibility and accountability
b.
increase economic
efficiency
c.
increase
subsidies to companies
d.
slow economic growth
In a
________, the majority of a nation’s land,
factories, and other economic resources are
privately owned by individuals or
businesses.
a.
market
economy
b.
centrally planned
economy
c.
communist system
d.
mixed economy
In a market economy, nearly all
economy-related decisions are determined by the
interplay of
________.
a.
government and individuals
b.
supply and demand
c.
customers and employees
d.
large and small
businesses
Supply and demand in a
market economy are dictated by what is called
________.
a.
privatization
b.
the black market
c.
the price mechanism
d.
government intervention
Market economics is rooted in the
belief that ________.
a.
group concerns should be placed above
individual concerns
b.
individual concerns should be placed
above group concerns
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