1) Which of the following economies is NOT an example of a laissez-faire market economy?

	A.	United States in the 1800's
	B.	Present daySingapore
	C.	Hong Kong before 2015
	D.	Present dayUnited States

2) What were the common short-term outcomes as socialist economies in Eastern Europe transitioned toward market capitalism after 1991?

	A.	Inflation,unemployment, and declining output
	B.	Labor shortages and rising wages
	C.	Inflation and booming output
	D.	Deflation and labor shortages

3) What is the key challenge to actually implementing a planned socialist economic system in practice?

	A.	Income inequality is necessarily worse in planned socialist economies
	B.	Planned socialist economies are always short on capital
	C.	Planned socialist economies cannot generate tax revenue
	D.	Large amount of complex information is required

4) Which economic system was the first one to use the name socialism?

	A.	Green socialism
	B.	Utopian socialism
	C.	National socialism
	D.	Market socialism

5) Which of the following characteristics is NOT a potential source of inefficiency in market capitalist economies?

	A.	Franchise taxes
	B.	Imperfect information
	C.	Externalities
	D.	Monopoly power