2-1
In Hungary, the ________________ market is a market in which entrepreneurs and merchants sell goods illegally.
Black
the worst period of economic decline in U.S. history, which lasted from approximately 1929 to 1939
Great Depression
shift of an economy, or part of an economy, from private ownership to government ownership
Nationalization
Successor of the European Coal and Steel Community, established in 1993.
Requiring large amounts of investment in equipment in relation to labor.
Capital-Intensive
economic system in which private citizens own and use the factors of production in order to generate profits
Capitalism
System that has some combination of traditional, command, and market economies.
Mixed Economy
central planning authority in the former Soviet Union that devised and directed Five-Year Plans
Gosplan
Number of people per square mile of land area.
Population Density
What country has an economy most similar to that of the former Soviet Union?
North Korea
System in which the government owns and controls some factors of production.
Socialism
Which of the following could raise the cost of production in a command economy?
A. a newly discovered source of raw materials
B. a free media
C. a large and inefficient bureaucracy
D. a strict quota system
C. a large and inefficient bureaucracy
Certificate used to purchase government-owned property during privatization.
Voucher
Forced common ownership of factors of production.
Collectivization
What type of economy is most prevalent in the world today?
Mixed Economy
In which of these systems is the government most likely to provide people with goods and services they could not otherwise afford?
A. a market economy
B. a socialist economy
C. a traditional economy
D. a free-enterprise economy
B. a socialist economy
Which of these helps explain why mixed economies develop?
A. People become unhappy with aspects of their current economy.
B. People are seldom exposed to the ideas and technologies of other cultures.
C. Government control of an economy tends to make a nation more prosperous.
D. Government control of an economy leads to a diversity of economic approaches.
A. People become unhappy with aspects of their current economy.
In a transitioning economy, why would privatization tend to raise a nation’s overall standard of living?
A. People are less likely to assume the risks of entrepreneurship.
B. It places the means of production in the hands of the government.
C. People are more likely to be productive when it benefits them personally.
D. It places a nation’s ruling class in a position to administer the economy efficiently.
C. People are more likely to be productive when it benefits them personally.
Economic and political system in which factors of production are owned and directed by the state.
Communism
Which of the following lists economic systems in order from least to most flexible?
A. command, socialism, free market
B. free market, socialism, command
C. socialism, command, free market
D. free market, command, socialism
A. command, socialism, free market
What are the THREE types of economies?
Traditional, Command, Market
What are TWO programs that developed in the US due to the Great Depression?
Unemployment Insurance
Minimum Wage
Social Security
Price supports in Agriculture
Bank Deposit Insurance
Which of these is the most striking example of the costs and risks of pure capitalism?
A. the Gosplan
B. the Five-Year-Plan
C. the Great Depression
D. the Great Leap Forward
C. the Great Depression
China’s second Five-Year Plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization
Great Leap Forward
What feature of Japanese capitalism would be illegal in the United States?
Keiretsu