Economic Systems Quiz

What is a comprehensive, centralized economic strategy for achieving rapid industrialization, used by the Soviet Union and China?

Which country has the highest per capita income and is a capitalist system? Norway, Germany, Singapore, the United States OR Canada

Which type of economic system develops because people become unhappy with aspects of their current economy?

The workers have little incentive to make products well, what type of economy does this describe?

In a transitioning economy, how would privatization tend to raise a nation’s overall standard of living in regards to productivity?

A high degree of individual freedom is an advantage for what type of economy?

Which of the countries has an economy most similar to that of the former Soviet Union? South Korea, North Korea, Sweden, Norway or U.S.

In a command economy, who manages ALL production?

Which country is the most obvious example of successful privatization? Cuba, Soviet Union, Thailand, China, Cuba, North Korea

What conclusion about a damaged economy can we draw about capitalism from South Korea’s economic growth in the late 20th century?