Quiz on Chp. 3 of "The Everything Economics Book".

In this type of system, stability and continuity are favored over innovation and change.

• Command Economy

• Traditional Economies

• Market Economies

• Premium Economy

During WW2, the United States practiced

(a)  

What type of economy is related to the "invisible hand".

• Traditional

• Command

• Bikini Bottoms

• Market

Does an abundance of natural resources make a country wealthy?

And what is this discrepancy known as?

• Yes

• No

• Not necessarily

• Luck of the land

• Paradox of Oil

True or False, the most uncommon economic hybrids are socialism and capitalism.

• True

• False

True or False, India (when this textbook was written) is the world's largest democracy, but is considered a socialist country.

• True

• False

Hong Kong has never really experienced democracy and yet is the epitome of capitalism.

• True

• False

Countries that are capitalist

• permit for government to regulate markets

• preserve competition

• subsidize and tax firms

• enforce private contracts

• redistribute income from workers to non-workers.

British Prime Minister ___ is credited with reversing the United Kingdoms drift toward socialism.

• Donald Trump

• Margaret Thatcher

• Winston Churchill

• No clue.

"It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own self interest". - (a)