71.A _____ economy is an economic system in which the interaction of supply and demand determines the quantity in which goods and services are produced.  

A. barter

B. command

C. market

D. regulated

E. centrally planned

72.Which of the following statements is most likely to be true regarding private ownership? 

A. It reduces a nation's dynamism and its investments in innovation and creativity.

B. It is most commonly found in command economies.

C. It eliminates competitors and reduces pressure to lower production costs.

D. It gives entrepreneurs an incentive to search for better ways of serving consumer needs.

E. It is based on the philosophy that "the good of society is more important than the interests of an individual."

73.In a pure _____ economy, the government plans the goods and services that a country produces, the quantity in which they are produced, and the prices at which they are sold.  

A. command

B. market

C. mixed

D. laissez-faire

E. deregulated

74.In a _____ economy, all businesses are state owned, the rationale being that the government can then direct them to make investments that are in the best interests of the nation as a whole rather than in the interests of private individuals.  

A. free market

B. deregulated

C. pure command

D. mixed

E. laissez-faire

75.In comparison to market economies, command economies lack:  

A. government interference in allocation of resources.

B. dynamism and innovation.

C. concern for the interests of the nation.

D. commitment to communism.

E. any opposition to private ownership.

76.In comparison to pure command economies, free market economies lack:  

A. private ownership.

B. incentives for entrepreneurs.

C. incentives to improve products and processes.

D. government control over production and pricing.

E. vigorous free competition between producers.

77.In a _____ economy, certain sectors of the economy are left to private ownership and free market mechanisms, while in other sectors there is significant state ownership and government planning.  

A. command

B. pure market

C. mixed

D. centrally planned

E. laissez-faire

78.In mixed economies, governments sometimes tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests. Once a government takes into state ownership such troubled firms, they are said to be _____.  

A. privatized

B. decentralized

C. liberalized

D. nationalized

E. deregulated

79.Which of the following is true about the three broad types of economic systems?  

A. For pure market economy to function efficiently product supply must be restricted.

B. In a command economy, state-owned enterprises have little incentive to control costs and be efficient.

C. The sole role of government in a command economy is to encourage vigorous free and fair competition between private producers.

D. Mixed economies were once uncommon throughout much of the world, although they are becoming much popular now.

E. Production in command economies is determined by the interaction of supply and demand and signaled to producers through the price system.

80.The Boldovian government took Sea Lion Inc., a domestic, private shipbuilding firm, into state ownership to save the company from bankruptcy. However, the other private competitors in the shipbuilding industry were raged at this decision of the government. As a result, the government had to reduce the tax burden on all other private shipbuilding firms so that both the state-owned enterprise and private firms could co-exist. According to this information, Boldovia has most likely adopted a _____ economy.  

A. mixed

B. market-based

C. command

D. laissez-faire

E. communist

71.A _____ economy is an economic system in which the interaction of supply and demand determines the quantity in which goods and services are produced.  

A. barter

B. command

C. market

D. regulated

E. centrally planned

72.Which of the following statements is most likely to be true regarding private ownership? 

A. It reduces a nation's dynamism and its investments in innovation and creativity.

B. It is most commonly found in command economies.

C. It eliminates competitors and reduces pressure to lower production costs.

D. It gives entrepreneurs an incentive to search for better ways of serving consumer needs.

E. It is based on the philosophy that "the good of society is more important than the interests of an individual."

73.In a pure _____ economy, the government plans the goods and services that a country produces, the quantity in which they are produced, and the prices at which they are sold.  

A. command

B. market

C. mixed

D. laissez-faire

E. deregulated

74.In a _____ economy, all businesses are state owned, the rationale being that the government can then direct them to make investments that are in the best interests of the nation as a whole rather than in the interests of private individuals.  

A. free market

B. deregulated

C. pure command

D. mixed

E. laissez-faire

75.In comparison to market economies, command economies lack:  

A. government interference in allocation of resources.

B. dynamism and innovation.

C. concern for the interests of the nation.

D. commitment to communism.

E. any opposition to private ownership.

76.In comparison to pure command economies, free market economies lack:  

A. private ownership.

B. incentives for entrepreneurs.

C. incentives to improve products and processes.

D. government control over production and pricing.

E. vigorous free competition between producers.

77.In a _____ economy, certain sectors of the economy are left to private ownership and free market mechanisms, while in other sectors there is significant state ownership and government planning.  

A. command

B. pure market

C. mixed

D. centrally planned

E. laissez-faire

78.In mixed economies, governments sometimes tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests. Once a government takes into state ownership such troubled firms, they are said to be _____.  

A. privatized

B. decentralized

C. liberalized

D. nationalized

E. deregulated

79.Which of the following is true about the three broad types of economic systems?  

A. For pure market economy to function efficiently product supply must be restricted.

B. In a command economy, state-owned enterprises have little incentive to control costs and be efficient.

C. The sole role of government in a command economy is to encourage vigorous free and fair competition between private producers.

D. Mixed economies were once uncommon throughout much of the world, although they are becoming much popular now.

E. Production in command economies is determined by the interaction of supply and demand and signaled to producers through the price system.

80.The Boldovian government took Sea Lion Inc., a domestic, private shipbuilding firm, into state ownership to save the company from bankruptcy. However, the other private competitors in the shipbuilding industry were raged at this decision of the government. As a result, the government had to reduce the tax burden on all other private shipbuilding firms so that both the state-owned enterprise and private firms could co-exist. According to this information, Boldovia has most likely adopted a _____ economy.  

A. mixed

B. market-based

C. command

D. laissez-faire

E. communist

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