A major distinguishing feature between capitalist and socialist (or command) economies is that
a. under capitalism the average citizen is always wealthier than in socialist economies
b. decision making is typically decentralized in socialist economies and is centralized in capitalist economies
c. socialist countries all have red flags and capitalistic economies do not
d. resources are publicly owned in capitalist economies
e. decision making is typically decentralized under capitalism while it is centralized in command economies
Question 2
Adam Smith's term, the invisible hand, refers to
a. the hidden role of government in setting regulations that govern trading in markets
b. the most capable entrepreneurs in the economy
c. market forces
d. the unseen work of the financial markets that facilitates trade
e. the role of technological change and random events in the economy
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