What is the difference between socialism and communism? What are some examples of countries that are largely socialistic and some that are communistic?
Communism is a socialist economic system that is controlled by a government that was not democratically elected (through free and open elections); whereas, socialist countries have governments which have been democratically elected. The old Soviet Union and its satellites were examples of communist nations. The only remaining communist nations are China, Cuba, North Korea and Vietnam. On the other hand, one can observe many democratic "socialist" states in varying degrees around the world. Examples of such countries would include the Scandinavian nations, like Norway and Denmark.
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Consider an economy made up of 100 people, 60 of whom old jobs, 10 of whom are looking for work, and 15 of whom are retired. The number counted as unemployed is:
a. 10. b. 15. c. 40. d. 30. e. 90.
The difficulty in analyzing oligopolistic behavior arises from the
a. degree of government regulation of the market structure. b. interdependent nature of oligopolistic decisions. c. large number of firms in the industry. d. market power of consumers.
Public choice theory assumes that those involved in the public sector are generally motivated by
A) public spirit. B) altruism. C) the desire to achieve allocative efficiency. D) the same factors involved in the private sector. E) a and b
According to the Rybczynski theorem, in a two-good world, with constant product prices, growth in a country's endowment of any one input results in an increase in the production of the good which does not use this input intensively.
Answer the following statement true (T) or false (F)