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

A. Present daySingapore

B. United States in the 1800's

C. Present dayUnited States

D. Hong Kong before 2015

3 points

Question 2

1. What is the key challenge to actually implementing a planned socialist economic system in practice?
2. A. Planned socialist economies cannot generate tax revenue
3. B. Planned socialist economies are always short on capital
4. C. Large amount of complex information is required
5. D. Income inequality is necessarily worse in planned socialist economies

3 points

Question 3

1. Under Marx's labor theory of value, what is the source of worker exploitation in the capitalist system?
2. A. Fixed capital used in production
3. B. Organic capital used in production
4. C. Variable capital used in production
5. D. Surplus value of production

3 points

Question 4

1. What were the common short-term outcomes as socialist economies in Eastern Europe transitioned toward market capitalism after 1991?
2. A. Deflation and labor shortages
3. B. Labor shortages and rising wages
4. C. Inflation,unemployment, and declining output
5. D. Inflation and booming output

3 points

Question 5

1. Which of the following is NOT a variation of socialism?
2. A. Maoism
3. B. Trotskyism
4. C. Titoism
5. D. All of these are variations of socialism