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1) Which of the following best describes the USSR type of economies a) market economy b) command economy c) mixed economy, with elements of capitalism and socialism mixed together d) mixed economy, with elements of capitalism, socialism, and communism mixed together e) none of the above 2) Which of the following statements is incorrect? a) several former members of the USSR block have joined the European Union in 2004 b) the transition in Eastern Europe in most place involved economic and political reforms being done at the same time c) Eastern European transition experience is similar to the current experience of China, where the economic reforms tend to precede political reforms. d) None of the above For questions 3-5, select from the list of the terms presented below. 3) 4) 5) A situation where the state sells state owned productive assets to private individuals A situation where the employee’s objectives may not coincide with those of the employer and inefficiency may arise as a result of this A system where the fundamental economic questions (what, how and for whom to produce) are answered by the government a) b) c) d) e) f) 6) nationalization privatization market economy principal-agent problem command economy price liberalization It can be argued that the transition of the economies of the former Soviet Republics was more difficult than the transition of the former Soviet Eastern European states because a) the USSR put strong emphasis on the heavy industry, dominated by large in terms of employment firms, many of which were producing military equipment 7) b) the USSR experienced command economy for a considerably longer period of time c) choices a and b d) there is no possible economic explanation for the differences in the experience of the transition Which of the following best describes the reality of the US budget a) The US Federal budget is always in deficit b) The deficit of the US Federal budget is financed through borrowing (the sale of US Treasury bonds) c) The deficit of the US Federal budget will result in the purchases of US Treasury bonds by the US government d) None of the above True/False statements 8) Efficiency in government run enterprises increases with competitive pressure 9) Today, the CIS includes most of the former Soviet republics