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Questions and Answers
What is the primary characteristic of a command economy?
What is the primary characteristic of a command economy?
- Consumers have full economic freedom
- There is free competition in the market
- Prices are determined by supply and demand
- Resource allocation is done by the government (correct)
Which of the following was NOT a responsibility of the Gosplan in the Soviet Union?
Which of the following was NOT a responsibility of the Gosplan in the Soviet Union?
- Ensuring a balance between different economic sectors
- Determining the legal framework for economic activity
- Setting prices based on supply and demand (correct)
- Setting five-year economic plans
How did the Gosplan create the five-year economic plans?
How did the Gosplan create the five-year economic plans?
- By auctioning off resources to the highest bidders
- By setting broad economic goals and combining them with data from lower administrative levels (correct)
- By consulting with consumer groups to determine their needs
- By allowing individual enterprises to submit their own production targets
What was the purpose of the five-year plans in the Soviet Union?
What was the purpose of the five-year plans in the Soviet Union?
How did the command economy system in the Soviet Union differ from a market economy?
How did the command economy system in the Soviet Union differ from a market economy?
What was the main criticism of the command economy system used in the Soviet Union?
What was the main criticism of the command economy system used in the Soviet Union?
What is the primary objective of an economic system?
What is the primary objective of an economic system?
Which of the following is a characteristic of a traditional economy?
Which of the following is a characteristic of a traditional economy?
In a traditional economy, what is the primary factor that determines economic decisions?
In a traditional economy, what is the primary factor that determines economic decisions?
Which of the following is NOT a characteristic of a traditional economy?
Which of the following is NOT a characteristic of a traditional economy?
In a traditional economy, who typically makes decisions regarding agricultural production?
In a traditional economy, who typically makes decisions regarding agricultural production?
What is the primary source of raw materials for production in a traditional economy?
What is the primary source of raw materials for production in a traditional economy?
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