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229. Brain drain has occurred in many socialistic nations because:
230. Communism is an economic system in which:
231. In recent years, countries with communist economic and political systems have:
232. The economic and political system in which the government owns almost all the major
factors of production is called:
233. Communist values are disappearing because:
234. Which of the following statements provides the most accurate comparison of socialism
and communism?
235. Which of the following people would tend to favor a socialist economy?
236. Which of the following people would tend to favor a communist economy?
237. One of the most significant problems faced by communist nations is:
238. Abby left her native land in Eastern Europe to become a nanny for a family in a western
suburb of Chicago, Illinois. One of the benefits of her arrangement was that she could attend the
community college near her family's residence. When she arrived at her new job, she experienced
some immediate differences. Abby noted that public transportation in northern Illinois was
limited and expensive, making it difficult to get to school. For a negligible fee, the government in
her native country provided public transportation to everyone. The economic system in Abby's
native country was more characteristic of _________.
239. Jorge Martinez is a well-educated entrepreneur who operated a small business in his
home country of Fiorentina. At the encouragement of his American relatives, Jorge recently
immigrated to the United States and applied for U.S. citizenship. "In Fiorentina, tax rates were
very high," Jorge complained. "The government used the taxes I paid to finance all sorts of social
programs to help the less fortunate. While this is a noble goal, it has really undermined the profit
incentive of individuals such as me. I really feel that these high taxes have stifled economic
growth." Jorge's comments illustrate the reason many socialist countries are experiencing a(n):
240. Recently, Juanita Martinez, the Prime Minister of Vuvuzela, announced that she is
standing behind the concept of state-owned utilities, public schools, and the communications
industry of her nation. Although not all industry is owned and managed by the government, her
ideas would lead one to believe that she has a preference for:
241. Today, the economic systems of most nations could most accurately be classified as:
242. Both socialism and communism are variations of:
243. A major trend in the world today is that:
244. A command economic system is characterized by:
245. The social and economic goals of __________ include private ownership of land and
business.
246. During the recent recession, the administrations of Presidents George W. Bush and
Barack Obama flooded several banking, financial services, and insurance firms with government
funds in exchange (at least temporarily) for government ownership rights. The unprecedented
move signaled the government's concern that the global banking system might collapse if these
firms ended up in bankruptcy. The decision for active government involvement in the operations
of these firms demonstrates:
247. As the term "global" becomes "local," and as we see more opportunities to compete in
the global market,
248. According to the
Reaching Beyond Our Borders
box, over the last decade six of the
world's 10 fastest-growing countries were:
249. Over the years, the government of Montivia has focused on implementing programs that
promote equality. In the short term, though, Montivia legislators are concerned about the very
slow rate of growth that has plagued its national economy. In order to address this problem, the
government is likely to:
250. In an effort to promote rapid growth, the government of Goldinia has kept taxes low, done
little to regulate business activities, and implemented only modest social programs. The
government is now facing political pressure to do more to clean up the environment and to
reduce the inequalities of income and wealth. Which of the following statements is most
accurate? Goldinia's government is currently taking:
251. The prime minister of the nation of Urbania has called for Urbania's legislature to enact
new legislation designed to shift his country away from socialism toward a more capitalistic
system. The Prime Minister acknowledges that such a radical change will entail some hardships,
and that some citizens will be unhappy with the changes. The most likely source of
dissatisfaction with a move toward capitalism is:
252. The National Coalition on Healthcare Reform reports that nearly 18% of the U.S.
population under the age of 65 is without health care. If this advocacy group succeeds in
convincing the current administration and Congress to vote for basic health care for everyone,
which of the following is likely to occur?
253. Several years ago, the nation of Florentina had a government-owned telecommunication
system that lagged far behind other nations. In several of its rural areas, there was only one
phone for an entire village of people. Government taxes collected for the purpose of maintaining
the telephone system were very meager, so the notion of expanding service was almost
impossible. The government of Florentina decided to sell the phone company to a private firm.
The private firm expanded rapidly. It reported that even poor consumers were willing to pay for a
private phone line. This government decision and subsequent sale was:
254. The U.S. economic system relies on:
255. The total value of final goods and services produced within a nation's borders in a given
year is known as that nation's:
256. Three important economic indicators of the United States are the unemployment rate, the
price indices, and the:
257. The four basic types of unemployment are frictional, structural, seasonal, and:
258. __________ unemployment refers to persons who purposefully quit their jobs and have not
yet found a new job.
259. __________ unemployment refers to unemployment caused by the restructuring of firms or
by a mismatch between the skills of job seekers and the requirements of available jobs.
260. __________ unemployment refers to loss of jobs due to a recession or a similar downturn
in the economy.
261. __________ unemployment results when the demand for labor varies during the year.
