How to share the wealth or production?

b. We Show more The most important factor for a pure capitalist system to function is Select one: a. Democracy b. Well defined property rights c. A fair and just legal system d. A responsible government Which is NOT a key economic question for a society? Select one: a. Who controls resources? b. What to produce? c. When to produce? d. For whom to produce? e. How to share the wealth or production? If an economic system has no economic role for government and all resources are privately controlled and all production and distribution decisions of goods services and income are in the hands of private individuals this economic system is a Select one: a. Pure capitalism b. Pure Communism c. Mixed (Socialist) system China has a communist political system with a central political party and no political competition. China has an economic system with government controlled firms and privately owned firms. True or False: Chinas economy is pure Communism. Select one: True False Which would occur in a pure capitalist economic system? Select one: a. Central authority protects property rights b. People with no resources to sell (land labor capital) would starve c. Fewer monopolies would result due to competition in industries d. Private firms would supply public goods at an optimal level for the society Which would occur in a pure communist economic system? Select one: a. Resources are used efficiently because planners allocate resources as needed b. Central plans reflect the wants of society as opposed to the desires of the central planners and leaders c. Government plans for a limited offering of goods and services d. Incentives spark creativity and innovation thus developing better products In 2014 the USA has which type of economic system? Select one: a. Pure capitalism system b. Communist system c. Mixed (Socialist) system When a society shifts from pure capitalism to a mixed socialist system it loses some _____ but gains _____. Select one: a. poverty efficiency b. poverty inefficiency c. inefficiency poverty-reduction d. efficiency poverty-reduction Show less

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