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6. Which of these is a defining characteristic of democracy?

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Raushan Raj
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2 Nov 2020

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Principles of Economics
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Related questions

1. Monetarists' view of fiscal policy is:

A. the best way to pump up the economy.

B. The responsibility of the executive branch instead of the legislative branch.

C. not really practical during economic recessions.

D. that is, its use should only be when monetary policy has failed.

E. a random disturbance and only makes things worse.

 

2. Monetarists' view of income distribution and governmental inefficiency would lead the reader to conclude that:

A. Monetarist would be in favor of eliminating the inheritance tax.

B. Socialism is more efficient than Capitalism in distributing income equally.

C. A Monetarist would be in favor of price controls on similar bundles of goods.

D. Inequality resulting from differences in personal capacities was unfair.

E. all of the above is true.

 

3. Monetarism's view of monopoly leads the reader to conclude that he believes:

A. that businesses should make stockholders a top priority instead of the public.

B. that businesses should be giving more back to the communities where they are located.

C. that businesses do not pay a high enough corporate tax rate.

D. that the government rather than the consumer should hold businesses accountable

E. that inefficient businesses like monopolies would not exist in a competitive market.

 

4. Friedman's view of social welfare measures is that:

A. they have been beneficial and should be expanded.

B. they have led to more equality in income distribution.

C. the measures have been largely ineffective and have led to increased government control.

D. they are costly in the short run, but benefits accrue in the long run.

E. they should be abolished completely.

1. True or false? Actions that allow oligopoly firms to coordinate their pricing behavior are called facilitating practices.
 
2. In the long run, if a perfectly competitive firm is incurring an economic loss, the firm
 
A. Will leave the industry
B. Is earning greater than normal profit but not an economic profit
C. Will minimize opportunity costs by staying in business
D. Will produce as long as total revenue exceeds the total fixed cost
E. Will have some long-run fixed costs
 
3. Which of the following is NOT one of the problems associated with common ownership of resources and a job that needed to be done?
 
A. Zimbody paid big body to do the antibody's job
B. Anybody could have done it, but nobody did it
C. Everybody was sure somebody would do it
D. Everybody blamed somebody
E. Nobody realized that everybody wouldn't do it
 
4. A negative externality related to a product
 
A. Results in an overallocation of resources to that product
B. Can be corrected by government subsidies
C. Is an example of government failure
D. Results in under allocation of resources to that product
E. Can be corrected by lowering the cost of production
 
5. A primary cause of inefficiency in government is that
 
A. Antitrust is applied to government policies as well as market situations
B. Government employees tend to be lazier than private-sector employees
C. The gains from government projects are often concentrated, while the costs are dispersed among all taxpayers
D. Markets interfere with governments
E. All of these are true
 
6. According to the survey reported in the text, most people believe that health-related goods and services should be allocated by the ___ allocation mechanism.
 
A. First come, first served
B. Random
C. Government
D. Price
E. Private
 
7. It is ___ that transfer(s) consumer surplus to producers and creates (s) deadweight losses.
 
A. The commodity market
B. Restrictions to entry
C. The allocation mechanism
D. Government
E. Perfect competition
 
8. The practice of legislators supporting one another's projects in order to ensure support for their own is called
 
A. Social regulation
B. Partisanship
C. Democracy
D. Logrolling
E. Wasteful
 
9. When shopping in some countries, bargaining is standard. The sellers ask for a high price to start and then decrease the price until the sale is made. This is due to
 
A. Producers trying to gain as much consumer surplus as they can
B. Prices changing so quickly that it doesn't make sense to make price tags
C. No government control
D. The market unable to reach equilibrium
E. Consumers trying to gain as much consumer surplus as they can
 
10. All of the following are examples of a first-come, first-served system of allocation EXCEPT
 
A. Classes at school
B. Tickets to concerts
C. Medical care
D. Access to highways
E. All of these are examples allocated by a first-come, first-served system

1. An economic system is

a. a set of institutional arrangements used to allocate scarce resources.

b. the movement of capital between countries.

c. how wealth is distributed and created in a country.

d. the natural resource available.

e. none of the above.

 

2. Contemporary economic change in Eastern Europe was preceded by

a. declining economic performance.

b. political change.

c. the withdrawal of Soviet backing.

d. all of the above.

 

3. Prior to the onset of economic reform in the late 1980s, the Soviet Union and most Eastern European countries allocated resources primarily by means of

a. Markets.

b. national economic plans.

c. neither a nor b.

d. both a and b.

 

4. Prices in the planned socialist systems were generally set by

a. supply and demand forces in the market.

b. the state.

c. external forces through international trade.

d. none of the above.

 

5. A major political change in the former planned socialist economies has been

a. the end of the political domination of Communist regimes.

b. the strengthening of the Communist regimes in combination with economic decentralization.

c. the full implementation of Western-style democracy.

d. all of the above.

 

6. The modern approach to defining economic systems

a. is based on the ”isms” of capitalism and socialism.

b. emphasizes resource allocation arrangements over incentive systems.

c. defines economic systems according to a number of characteristics.

d. states that defining economic systems is impossible.

e. none of the above.

 

7. The major attributes of an economic system are

a. its population and capital resources.

b. its level of GDP.

c. its level of GDP per capita.

d. its economic policies.

e. none of the above.

 

8. One very important characteristic of organizations in the comparing of economic systems is

a. the nature of economies of scale.

b. whether they exhibit capitalism or socialism.

c. the use of computers in the organization.

d. the level of centralization or decentralization of decisions.

e. none of the above.

 

9. A planned economy is one in which

a. subunits are coordinated by directives formulated by a superior agency.

b. subunits are not induced by appropriate incentives to carry out plan directives.

c. market allocation is combined with planned allocation.

d. a ministerial system prevails.

e. none of the above.

 

10. Ownership rights may affect economic outcomes because

a. public and private owners may have different time preferences.

b. public ownership may mean more attention to social rates of return.

c. the distribution of income is affected by ownership arrangements.

d. answers a and b are correct. e. answers a, b, and c are correct.

 

11. Which of the following would not be classified as an economic-environmental factor?

a. Natural resource endowments

b. The size of the economy

c. The nature of decision-making arrangements

d. The economy’s per capita income

e. The economy’s labor force

 

12. If one finds that the planned socialist economies all have higher growth rates than capitalist countries, this shows that

a. planned socialism necessarily produces higher growth than capitalism.

b. planned socialism may produce higher growth than capitalism, ceteris paribus.

c. capitalism may produce higher growth than planned socialism, ceteris paribus.

d. capitalism necessarily produces higher growth than planned socialism.

e. both b and c are correct.

 

13. National priorities tend to be

a. the same for countries that have similar economic systems.

b. the same for all countries.

c. different for different countries.

d. completely unknown.

e. none of the above.

 

14. Economic growth measures

a. the increase in nominal income.

b. the increase in the volume of output on either a total or a per capita basis.

c. the growth of efficiency.

d. the growth of productivity.

e. none of the above.

 

15. A measure of economic instability is

a. the unemployment rate.

b. the inflation rate.

c. the business cycle.

d. the Lorenz curve.

e. all except d are correct.

 

16. In the real world, most economic systems are in fact

a. centralized systems.

b. mixed systems.

c. market systems.

d. planned systems.

 

17. Although economic reform is difficult to characterize with precision, reform in planned socialist systems has typically been thought of as

a. revolutionary or abrupt in character.

b. occurring gradually over time.

c. successful in most cases.

d. none of the above.

 

18. In the United States, social security transfers as a percentage of the gross national product have

a. increased.

b. decreased.

c. remained the same.

d. fluctuated but with a significant downward trend.

 

19. In the industrialized capitalist systems, taxes as a percentage of the gross national product have

a. increased.

b. decreased slightly.

c. decreased greatly.

d. remained the same.

 

20. In contemporary capitalist economic reforms, privatization means

a. expansion of private ownership of the means of production.

b. improvement of planning methods.

c. implementation of worker management.

d. none of the above.

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