Question : 101) Which of the point(s) below (are) true of money? A) : 1384124

101) Which of the point(s) below is (are) true of money?

A) Only i).

B) Only i) and ii).

C) Only i) and iv).

D) Only i), ii), and iv).

E) All of the points are true.

102) Money facilitates trade and specialization by

A) allowing an efficient barter system to develop.

B) increasing the value of gold.

C) eliminating the need for barter.

D) reducing the shift of resources between uses.

E) providing employment for coin makers.

103) An economic system that relies primarily upon custom and habit in economic decision making is a

A) market system.

B) traditional system.

C) command system.

D) mixed system.

E) communist system.

104) In practice, the term “centrally planned economy” refers to an economy in which

A) the government makes ALL production and consumption decisions.

B) the mix of market and command principles is heavily weighted towards the latter.

C) all commodities are rationed.

D) the military is in control of the government.

E) economic decisions are made in the geographic centre of the country.

105) Karl Marx argued that

A) centrally planned economies could provide a more equitable distribution of total output than capitalist economies.

B) technological change was not important in improving living standards.

C) a free-market system would produce a low level of total output.

D) benevolence, not self-interest, produced an effective economic order.

E) the unfettered market system driven by self-interest leads to the best social outcome.

106) When discussing types of economic systems the Canadian economy is best described as

A) primarily a public ownership economy.

B) primarily free-market decision making.

C) traditional.

D) a command economy.

E) a mixed economic system.

107) With regard to various economic systems, most economists agree that

A) the mix of market and command principles that exists in Canada is the best.

B) the optimal mix of market and command systems remains constant over time.

C) most production and consumption decisions are more efficiently coordinated by markets than through central planning.

D) government intervention in the economy is only justified in time of war.

E) command economies have been very successful in distributing income in socially just ways.

108) Which countries have mostly public ownership of resources?

A) United States and Canada

B) Cuba and North Korea

C) France and Germany

D) Sweden and Norway

E) Brazil and Argentina

109) Behaviour in free-market economies is

A) determined by a central authority.

B) based primarily on custom and habit.

C) mostly directed by self interest.

D) mostly affected by elements of tradition and government command.

E) random and unpredictable.

110) In command economies, economic behaviour is

A) largely determined by a central authority.

B) based primarily on custom and habit.

C) directed by individual self interest.

D) largely affected by elements of tradition and market incentives.

E) random and unpredictable.