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Questions and Answers
Which of the following accurately describes a planned economy?
Which of the following accurately describes a planned economy?
- A planned economy is characterized by minimal government intervention.
- A planned economy is also known as a free market economy.
- In a planned economy, the state does not own and control the factors of production. (correct)
- A planned economy is synonymous with communism.
Which statement is true regarding Karl Marx's vision of communism?
Which statement is true regarding Karl Marx's vision of communism?
- Karl Marx's vision of communism is synonymous with state capitalism.
- Karl Marx's vision of communism is synonymous with a free market economy.
- Karl Marx's vision of communism includes the presence of private property and a class-based society.
- Karl Marx's vision of communism includes the absence of private property and a classless society. (correct)
What term is often used to describe the economic systems in the USSR and China?
What term is often used to describe the economic systems in the USSR and China?
- Planned economies
- Free market economies
- Command economies
- State capitalism (correct)
What is a key characteristic of a free market economy?
What is a key characteristic of a free market economy?
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What drives market equilibrium in a free market economy?
What drives market equilibrium in a free market economy?
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