A nation which has many active free markets in which profits motivate sellers an

Question

A nation which has many active free markets in which profits motivate sellers and also has regulatory bureaucracies would be an example of A. a free market. 19.) B. C. D. a centrally planned economy. a mixed economy. an equitable economy. 20.) Which statement is true? A. B. Private business firms are illegal in China. In China today, there is strict adherence to the communist credo, "From each according to his ability, to each according to his needs." Major economic reforms in China in the late 1970s and early 1980s created a much more market oriented economy than a centrally planned one. None of the statements are true. C. D. 21.) Mao Tse-tung was responsible for A. B. C, D. both the Great Leap Forward and the Cultural Revolution. neither the Great Leap Forward nor the Cultural Revolution. the Great Leap Forward, but not the Cultural Revolution. the Cultural Revolution, but not the Great Leap Forward. 22.) If we were to examine the economic record of the former Soviet Union and China during the 1980s, we could reasonably conclude that A. China was successful and the Soviet Union was not. B. The Soviet Union was successful and China was not. C. Both the Soviet Union and China were successful. D. Neither China nor the Soviet Union were successful.

Explanation / Answer

Ans:

19) Option C

a mixed economy

A mixed economic system combines the characteristics of command and market economy.

20) Option C

Major economic reforms in china in the late 1970s and early 1980s created a much more market oriented economy than a centrally planned one.

Economic reforms in china during late1970s and early 1980s created a much more market oriented economy.

21) Option A

Both the Great Leap Forward and the Cultural Revolution

Mao Tse tung served as chairman of the People's Republic of China from 1949 to 1959.Mao tse tung was responsible for both the Great Leap Forward and the Cultural Revolution.

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