ECO (2.5) Transition to Capitalism Quiz

Name

1. Which country has the highest per capita GDP in the world?

• Singapore
• USA
• China
• Britain

2. Privatization was accomplished primarily how?

• nationalization
• bartering
• voucher system
• the internet

3. What is the most powerful means for generating wealth the world has ever seen?

• capitalism
• nationalization
• socialism
• privatization

4. Name the Russian leader who restructured the Soviet economy.

• Putin
• Gorbachev
• Yeltsin
• Brezhnev

5. Conversion of private property to state ownership is called what?

• privatization
• nationalization
• capitalism
• individualism

6. Conversion of state owned property and businesses to private ownership is called what?

• collectivism
• individualism
• nationalization
• privatization

7. Which of the following is one of the hurdles that must be overcome as a country attempts to transition to capitalism?

• underestimating the costs involved
• loss of power & status by Communist party leaders
• need to respond to new incentives
• all of the above

8. The dominant economic trend of our time has been the transition of ______ economies to capitalism.

• traditional
• command
• market
• mixed

9. The collapse of _____ in 1991 signaled that command economic systems had reached an evolutionary end.

• socialism
• communism
• the Soviet Union
• the British Empire