ECON 200 PRINCIPLES OF FOOD & RESOURCE ECONOMICS
WK01-3 ECON SYSTEMS
AGREE/DISAGREE SELF TEST
1. Print This Sheet
2. If you agree with the statement put an A in column A; If you disagree put a D in col A.
3. Check yourself by typing your answer in the corresponding cell on the computer
4. If the answer is correct, the word "REDO" will change to "RIGHT" in column B
REDO 1 UNDER CAPITALISM, QUESTIONS OF HOW TO PRODUCE ARE ANSWERED BY DOLLAR VOTES.
REDO 2 SOCIALISM FACES DIFFERENT ECONOMIC QUESTIONS THAN CAPITALISM
REDO 3 PRICES PRIMARILY DETERMINE WHAT, HOW & FOR WHOM IN CAPITALISM
REDO 4 SOCIALISM INVOLVES BOTH PRIVATE AND PUBLIC DECISION MAKING
REDO 5 ADAMS SMITH'S "INVISIABLE HAND" REFERS TO GOVERNMENT ACTIONS
REDO 6 A KEY CHARACTERISTIC OF CAPITALISM IS PRIVATE PROPERTY & FREE ENTERPRISE
REDO 7 PRODUCTIVE RESOURCES ARE COLLECTIVELY OWNED IN A COMMUNISM
REDO 8 PROFITS ARE ACCRUED BY INDIVIDUALS IN A COMMUNISTIC SYSTEM.
REDO 9 THE PRICE SYSTEM SERVES AS A RATIONING DEVICE IN A CAPITALISM
REDO 10 REPUBLICANS ARE STRONGER SUPPORTERS OF THE MARKET SYSTEM THAN THE DEMOCRATS
REDO 11 RESOURCES MUST BE ALLOCATED IN ALL ECONOMIC SYSTEMS
REDO 12 THE MARKET SYSTEMS FUNCTIONS BEST WHEN RIGHTS OF PRIVATE PROPERTY ARE PROTECTED
REDO 13 KARL MARX WAS AN INFLUENCAL PERSON IN THE DEVELOPMENT OF SOCIALISM
REDO 14 TYPICAL SOCIALISM USES THE COMMAND PROCESS.
REDO 15 IN COMMUNISM, WAGES ARE SET BY THE GOVERNMENT
REDO 16 CAPITALISM CORRECTS A SHORTAGE BY RAISING PRICES & LOWERING PRODUCER PROFITS
REDO 17 IN COMMUNISM, MOST ALL ECONOMIC DECISION ARE MADE BY THE GOVERNMENT.
REDO 18 IN MOST CASES, SOCIALISM IS NOT PURE SOCIALISM, BUT HAS ELEMENTS OF CAPITALISM
REDO 19 THE PROFIT MOTIVE IS STRONGEST IN CAPITALISM
REDO 20 A CRITICISM OF CAPITALISM IS THE WASTAGE OF RESOURCES.
REDO 21 THE ROLE OF GOVERNMENT IN COMMUNISM IS TO MAKE ECONOMIC DECISIONS
REDO 22 THE TRADITIONAL PROCESS IS IMPORTANT IN CAPITALISM
REDO 23 SOCIALISM PROVIDES MORE EQUITABLE HEALTH CARE
REDO 24 THE "WHO" HAS LITTLE IMPORTANCE IN COMMUNISM
REDO 25 THE INVISIBLE HAND SAYS THAT SELF INTEREST WILL AUTOMATICALLY PROMOTE SOCIAL WELL BEING
REDO 26 PRICE AND PROFITS ALLOCATE RESOURCES IN CAPITALISM
REDO 27 ENGLAND IS A COUNTRY HAS SHIFTED AWAY FROM SOCIALISM AND TOWARD CAPITALISM
REDO 28 N KOREA & CUBA ARE CLASSIC EXAMPLES OF COMMUNISM.
REDO 29 A MAJOR DIFFERENCE BETWEEN SOCIALISM AND COMMUNISM IS THE PROFIT MOTIVE.
REDO 30 CAPITALISM DEPENDS ON SELF-INTERESTED BEHAVIOR AND INCENTIVES
REDO 31 CAPITALISM RESULTS IN THE FAIREST ANSWERS TO "WHO" QUESTION.
REDO 32 PRIVATE PROPERTY IS A KEY ELEMENT OF CAPITALISM BUT NOT SOCIALISM OR COMMUNISM
REDO 33 THE MOTIVATION IN COMMUNISM IS FEAR
REDO 34 THE COMMAND PROCESS PREDOMINATES IN COMMUNISM
REDO 35 IN COMMUNISM, THE CONTROL OF THE RESOURCES IS IN THE HANDS OF THE GOVERNMENT
REDO 36 PEOPLE PAY HIGHER TAXES IN SOCIALISM THAT IN CAPITALISM
REDO 37 CAPITALISM HAS MORE INCOME DISPARITY THAN COMMUNISM
REDO 38 IN SOCIALISM, CONTROL OF RESOURCES IS EXCLUSIVELY BY INDIVIDUALS
REDO 39 INDIVIDUAL MOTIVATION IS THE BACKBONE OF CAPITALISM
REDO 40 RUSSIA HAS SHIFTED AWAY FROM COMMUNISM TO SOCIALISM
REDO 41 COMMUNISM AND SOCIALISM HAVE MORE "RED TAPE" THAN THE MARKET SYSTEM
REDO 42 THE MARKET SYSTEM HAS THE MOST EFFICIENT ALLOCATION OF RESOURCES
REDO 43 IN SOCIALISM, THE "HOW" IS ANSWERED BY BOTH THE GOVERNMENT AND INDIVIDUALS
REDO 44 IN A MARKET SYSTEM, PRODUCER ARE ENCOURAGED BY THE PROFIT INCENTIVE
REDO 45 COMMUNISM HAS FELL OUT OF FAVOR BECAUSE OF POOR ECONOMIC PERFORMANCE
REDO 46 IN THE MARKET SYSTEM THE QUESTION OF WHAT IS DECIDED BY THE GOVERNMENT
REDO 47 PROFIT IS THE DRIVING FORCE IN COMMUNISM
REDO 48 THE MOTIVATION OF SOCIALISM IS FOR THE GOOD OF THE COUNTRY
REDO 49 KEY COMPONENTS OF CAPITALISM ARE PRIVATE PROPERTY AND PRIVATE ENTERPRISE.
REDO 50 THE COMMAND PROCESS PREDOMINATES IN A COMMUNISTIC ECONOMIC SYSTEM
REDO 51 PRIVATE PROPERTY IS MOST LIMITED IN COMMUNISM
REDO 52 AN ADVANTAGE OF SOCIALISM IS HIGH QUALITY, CRADLE TO GRAVE HEALTH CARE.