Create a 8 pages page paper that discusses economics: market capitalism. 7. Growth of per capita GDP is most often used as a measure of economic growth, and inflation and unemployment rates are most o

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Create a 8 pages page paper that discusses economics: market capitalism.

7. Growth of per capita GDP is most often used as a measure of economic growth, and inflation and unemployment rates are most often used as measures of economic stability. –True8. It is generally understood that capitalist economies are more efficient than are planned socialist economies. –True9. Although future growth estimates for transition economies vary widely, they are all positive and of a reasonable magnitude. –True10. There is no evidence that capitalist economies are more viable than are planned socialist economies.

–False11. During the twentieth century, there were examples of transitions from capitalism to planned socialism, from planned socialism to market socialism, and from planned socialism to capitalism. –True12. The economic transition from planned socialism to market capitalism requires a change in legal institutions, as well as in financial and economic institutions. –True13. Capitalism is based on the foundation of private property ownership, economic freedom, and the primacy of markets as the mechanism of economic coordination. –True14. In their writings, Marx, Engels, and Lenin dealt with the fundamental question of how scarce resources were to be allocated during the socialist phase. –True15. The Austrian economist’s Mises and Hayek argued that rational economic decisions regarding resource allocation would be impossible because of the absence of market-determined prices. –True16. The concept of material balances formulated by soviet economists in the 1920s focused on the need to determine and balance aggregate demand and supplies of basic industrial commodities without the use of markets. –True17. The theory of planning stresses the formulation of a plan, but incentives often prevent the implementation of the plan. –True18. Theoretically, one would expect more rapid economic growth, greater stability, greater efficiency, and more equal distribution of income in planned socialism relative to market capitalism. –True19. Market capitalism is a system that combines social ownership of capital with market allocation.

–False20. The most famous theoretical model of market socialism is the trial and error model proposed by Oskar Lange. –True21. Critics of the Lange model point out problems with managerial incentives and monopoly behavior on the part of managers. –True22. A labor-managed or participatory economy is based on the use of producer cooperatives. –False23. In his 1944 book, The Road to Serfdom, F.A. Hayek argued that socialism (state ownership) and democracy were incompatible. –False24. In comparison to the Anglo-Saxon model of capitalism, the European model calls for less state intervention in economic affairs.

–False25. The Asian model of capitalism concentrates on high rates of capital formation, often supported by the state.

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