Lessons about the nature of economic processes will likely emerge from the analysis of transitional ...

Lessons about the nature of economic processes will likely emerge from the analysis of transitional economies.
 a. True
  b. False

QUESTION 2

Which of the following transitional economies has become a high-income nation?
 a. Czech Republic
  b. Kazakhstan
  c. China
  d. Vietnam
  e. None of the answers is correct

QUESTION 3

Regarding the institutional requirements of efficient markets,
 a. Western economic theory ignores the operation of efficient markets
  b. market economists have an almost perfect understanding
  c. market economists would never take the necessary institutions for granted
  d. those involved in a transition from centrally planned economy must develop a deep appreciation
  e. None of the answers is correct

QUESTION 4

There is no unified economic theory of how to construct the institutions that are central to the success of capitalism.
 a. True
  b. False

QUESTION 5

In recent years in Russia, the most popular tax system has been
 a. graduated rates topping at 13 percent
  b. a flat rate of 60 percent
  c. graduated rates topping at 40 percent
  d. graduated rates topping at 30 percent
  e. a flat rate of 13 percent

QUESTION 6

If the centrally planned economy of Rowboat dismantles central controls before institutions such as property rights are in place, instability will most likely result.
 a. True
  b. False

QUESTION 7

The major advantage of a market economy is that
 a. it maximizes the need for resource-flow data
  b. prices convey most of the information necessary to coordinate economic activity among firms
  c. data are aimed at central planners
  d. prices are essentially meaningless
  e. All of the answers are correct