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Final exam economics - Assignment Example

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Classification criteria for economic systems include decision-making systems, mechanisms for information and coordination, incentive structures, property rights, mechanisms for public choices. -True
17. The concept of material balances formulated by soviet economists in the…
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37. The “Swedish model” of providing maximum income security was a major factor in causing Sweden’s GDP per capita to increase relative to that of other European countries and the U.S. after the 1960s and 1970s. --True
48. Today, the U.S., with 5 percent of world population, produces 22 percent of world GDP; while Eastern Europe and the former Soviet Union, with 7 percent or world population, produce 6 percent of world GDP. --True
66. Among the factors leading to the decline of the planned socialist economies are lack of technological progress, diminishing returns to capital, inefficiency, problems with incentives, and the complexity of planning. --True
70. Economists believe that differences in initial conditions, policy measures, and environmental factors are important determinants of differences in economic performance among transition economies. --True
99. Although private-sector employment as a percentage of total employment varied widely among transition economies in the early stages of transition, in later stages there has been very little variation in relative private-sector employment. ...Download file to see next pagesRead More
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