1.Economic policies adopted by European nations (including England) during the seventeenth and eighteenth centuries that treated colonial products, trade, and markets as a way to enrich the mother country is known as _____.
2.Which of the following is true about the policy of laissez-faire?
a.Government shares power with markets in influencing how resources are allocated in the economy under the policy of laissez-faire.
b.When governments embrace central planning and give government officials broad powers to decide the allocation of resources, levels of production, and prices of goods, then the policy of laissez-faire is said to be in effect.
c.The policy of laissez-faire is said to be implemented when government acts as both an owner of enterprises and a distributor of goods and services.
d.The policy of laissez-faire challenges free-market capitalism.
e.The policy of laissez-faire calls for a free-market system in which the government’s role in the economy should be minimal.
3._____ is an economic system distinguished by its reliance on the self-interested decisions of producers and consumers exchanging items of value in a market of supply and demand largely free of government direction.
4.Which among the following arose in the twentieth century as the major economic system to challenge free-market capitalism?
5.Which of the following characterizes command economy?
a.It is an economic system in which the governments embrace central planning.
b.It is an economic system in which government officials share power with markets.
c.A free market economy is a command economy.
d.In this economic system, government plays a minimal role in the economy of the country.
e.Most of the economies in the world are command economies.
6.Which of the following statements is true regarding mixed economy?
a.In mixed economies, governments embrace central planning and give government officials broad powers to decide the allocation of resources, levels of production, and prices of goods.
b.In most mixed economies, only private sector controls the allocation of resources.
c.Under a mixed economy, the government shares power with markets in influencing how resources are allocated in the economy.
d.A Soviet-style system where government officials exercise broad control to decide the allocation of resources refers to a mixed economy.
e.In a mixed economy, the government is the sole owner of all the enterprises.
7._____ economy is a Soviet-style system where government officials exercise broad control to decide the allocation of resources, levels of production, and prices of goods.
8.Under which of the following roles does the American government manage employment and inflation?
9.The Employment Act of 1946:
a.gave the president and Congress a mandate to deal with the nation’s economy as a whole and to minimize economic disruptions.
b.led to the formation of Public Company Accounting Oversight Board for enhanced financial disclosure.
c.prohibits discrimination in employment and forbids mandatory retirement before the age of 60.
d.provides for better working conditions of laborers and ensures safety standards in hazardous industries.
e.emphasized on corporate governance and internal control assessment of government organizations.
10._____ refers to efforts by government to establish and maintain fair competition in markets to help consumers.
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