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URBS 230 FINAL EXAM (ACTUAL 2025/2026)
QUESTIONS WITH 100% VERIFIED CORRECT
ANSWERS| CERTIFIED QUALITY
Laissez-faire - (answers)- Idea that the government should play as small a role as
possible in economic affairs.
- people are focused on making money and becoming someone wealthy
Communism - (answers)the government gets rid of capitalists, replaces them with
workers and abolishes private properties.
Liberalism - (answers)- shouldn't be equality in wealth
- capitalists should be able to make as much money as they want
Socialism - (answers)get ride of private firms and allow the government to take
over
Neo-liberalism - (answers)- privatization of land, housing and infrastructure
- our society should be more competitive and have more freedom
- encourage more private and profit-making activity
Liberal Market Economy - (answers)the most laissez- faire
Coordinated Market Economy - (answers)a system of coordinating through a
variety of other means in addition to market signals
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centrally planned economy - (answers)no privately-owned properties
Transition economy - (answers)theres a raid shift to create a new economy
nationalization - (answers)public takeover of infrastructures
ex. hydro-quebec taking over all electricity/ water supply
Global Cities - (answers)- highly concentrated command points
- key locations for finance and firms
- sites of production
- markets for products and innovations
Why people migrate to global cities - (answers)- there are more natural resources
- higher level of innovation and activity
- that there were already people there
- the ability to make a lot of money and flourish their business
New York City - (answers)- made the USA the centre of economic activity
- increasing the labour division
ex. banking, insurance, sales, entertainment, transportation
- had become the largest city at the end of WW2
URBS 230 FINAL EXAM (ACTUAL 2025/2026)
QUESTIONS WITH 100% VERIFIED CORRECT
ANSWERS| CERTIFIED QUALITY
Laissez-faire - (answers)- Idea that the government should play as small a role as
possible in economic affairs.
- people are focused on making money and becoming someone wealthy
Communism - (answers)the government gets rid of capitalists, replaces them with
workers and abolishes private properties.
Liberalism - (answers)- shouldn't be equality in wealth
- capitalists should be able to make as much money as they want
Socialism - (answers)get ride of private firms and allow the government to take
over
Neo-liberalism - (answers)- privatization of land, housing and infrastructure
- our society should be more competitive and have more freedom
- encourage more private and profit-making activity
Liberal Market Economy - (answers)the most laissez- faire
Coordinated Market Economy - (answers)a system of coordinating through a
variety of other means in addition to market signals
, 2|Page
centrally planned economy - (answers)no privately-owned properties
Transition economy - (answers)theres a raid shift to create a new economy
nationalization - (answers)public takeover of infrastructures
ex. hydro-quebec taking over all electricity/ water supply
Global Cities - (answers)- highly concentrated command points
- key locations for finance and firms
- sites of production
- markets for products and innovations
Why people migrate to global cities - (answers)- there are more natural resources
- higher level of innovation and activity
- that there were already people there
- the ability to make a lot of money and flourish their business
New York City - (answers)- made the USA the centre of economic activity
- increasing the labour division
ex. banking, insurance, sales, entertainment, transportation
- had become the largest city at the end of WW2
