In the Current Canadian Economy,the Majority of Choices on How
In the current Canadian economy,the majority of choices on how resources are allocated are made by
A)consumers and firms through the price system.
B)the various levels of government.
C)negotiation between unions and firms.
D)business firms only.
Comparison of economic systems indicates that
A)most nations have either a purely socialist economy or a purely capitalist economy.
B)most countries have mixed economies.
C)socialist economies are clearly superior in producing consumer goods.
D)capitalist economies are clearly superior in distributing income.
E)all countries have largely traditional economies.
Many economies in central and Eastern Europe,including the countries of the former Soviet Union,are still in the process of moving from a command economy to a market economy.In the first years of this transition,most of these countries experienced sharp drops in output and reductions in living standards.Economists generally see this as
A)the failure of the market system.
B)the triumph of capitalism over communism.
C)an indication of the extreme difficulty of transition from one type of economic system to another.
D)an indication that these economies should return to being command economies.
E)the difficulty of corruption in non-market economies.
In a pure market economy,the role of government is limited to provision of : i)a basic legal and institutional structure.
Ii)intervention in the allocation of resources in some areas of the economy.
Iii)redistribution of income.
Iv)stabilization of economic conditions generally.
Which of the above points is true?
B)Only i)and ii).
C)Only i)and iv).
D)Only i),ii),and iv).
E)All of the points are provided by government in a pure market economy.