Economics Mcqs

Statement A: The might of a country consists of gaining surpluses of gold and silver Statement B: A nation’s strength is found in economic independence and the maintenance of a favorable balance of trade Statement C: We need to gain colonies both as sources for raw materials and as markets for our manufactured of goods Which economic system is being described by these statements ?

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Statement A: The might of a country consists of gaining surpluses of gold and silver Statement B: A nation’s strength is found in economic independence and the maintenance of a favorable balance of trade Statement C: We need to gain colonies both as sources for raw materials and as markets for our manufactured of goods Which economic system is being described by these statements ?

A. traditional
B. feudal
C. command
D. mercantile

Which statement best describes how a command economy functioned in the Soviet Union ?

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Which statement best describes how a command economy functioned in the Soviet Union ?

A. The laws of supply and demand controlled the economy
B. Trade policies mandated that imports exceed exports
C. The success of the agricultural sector controlled the price of manufactured goods
D. A central authority determined the type and quantity of goods to be produced

Which statement best explains China’s economic shift towards capitalism in the 1980s and early 1990s ?

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Which statement best explains China’s economic shift towards capitalism in the 1980s and early 1990s ?

A. China’s economic policies were directly influenced by the success of the Soviet economic System
B. The Tiananmen Square massacre resulted in Major economic reforms in China
C. The success of the Cultural Revolution resulted in the increased westernization of china
D. communist economic policies were not meeting the needs of the society