Could you please help me with these review questions to make sure i am on the right track. They are mostly multiple choice with two that need brief explanations. Thank you.
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1. The two general types of economic systems that exist today are:
C. market systems and command systems.
2. Which of the following is a distinguishing feature of a command system?
B. central planning.
3. Which of the following is a distinguishing feature of a market system?
C. wide-spread private ownership of capital.
4. Examples of command economies are:
D. Cuba and North Korea.
5. Of the following countries, the one that best exhibits the characteristics of a market economy is:
6. An economic system:
B. is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem.
7. A market:
C. is an institution that brings together buyers and sellers.
8. Markets explained on the basis of supply and demand:
A. assume many buyers and many sellers of a standardized product.
9. The law of demand states that:
A. price and quantity demanded are inversely related.
10. The demand curve ...
General macroeconomics multiple choice and short answer questions