6. Capitalism and socialism Check the countries whose economies are best described as "mixed," combining aspects of both capitalism and socialism. Check all that apply. Ireland ' Denmark ' Luxembourg New Zealand Canada Which of the following are defining characteristics of a capitalist economy? Check all that apply. ' Private ownership of resources ' A democratic government Public ownership of resources Decentralized decision making through markets ' Centralized decision making 5. The ideas of Adam Smith and Karl Marx V used the metaphor of the I'inwisible hand'I to: Describe how the prot motive undermines individuals' incentives to contribute to society Describe how, ideally, income would be distributed "from each according to his ability, to each according to his need" Describe the benets of free trade Describe how the individual pursuit of self-interest works to promote the interest of the public as a whole which of the following would Karl Marx consider closest to his definition of communism? Present-dayr China A group house owned by the occupants who share their resources equally, regardless of contribution Venezuela China in the decade after the communist revolution Continue without saving 3. Comparison of economic systems Imagine that you are writing a report for the government of Agoria on the impact of changing from a market system to more of a command system. You've just nished constructing a table summarizing your results when your computer crashes, corrupts your le, and scrambles your words. A computer technician has been able to reconstruct the characteristir: of the economy you wrote about, but you have to recall whether each characteristic would increase, decrease, or not change. In the table that follows, identify the most likely changes in the listed characteristics as Agoria moves from a market system to more of a command system. Characteristic Change Number of markets with shortages v Wage inequality V Variety of goods and services V Grade It Now Save 8: Continue Continue without saving