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Economic Policy Vol II
Test Description: GOVT 11
Instructions: Answer all questions to get your test result.
1) Competition is a feature of
A
socialism
B
totalitarianism
C
communism
D
capitalism
2) A form of socialism based on the writings of Marx and Engels that predominated in the former Soviet Union and Eastern Europe at one time and predominates in China and Cuba is
A
socialism
B
communism
C
feudalism
D
capitalism
3) The economic system in which government involvement is most limited is
A
capitalism
B
communism
C
authoritarian socialism
D
democratic socialism
4) Socialists
A
were against private property
B
favoured individual controlled property
C
favoured private property
D
regarded private property as a solution of all problems
5) All of the following describe supply and demand EXCEPT
A
when supply increases, prices fall
B
when demand increases, prices rise
C
when supply decreases, prices rise
D
when demand decreases, prices rise
6) Who is the founder of capitalist theory?
A
Adam Smith
B
Friedrich Engels
C
Alexander Hamilton
D
Thomas Jefferson
7) Who is the founder of modern socialism?
A
Adam Smith
B
Vladimir Lenin
C
Karl Marx
D
Thomas Jefferson
8) How does capitalism promote efficiency?
A
through competition
B
through government ownership of property
C
by adhering to custom
D
through government regulation
9) Which of the following constitutes the largest portion of the federal budget?
A
foreign aid
B
discretionary spending
C
military spending
D
mandatory spending
10) Socialism seems attractive to developing nations because
A
free enterprise encourages economic growth.
B
it can bring a wide variety of entertainment.
C
people need democratic leadership to overcome diffences in opinion.
D
it promises to raise the standard of living for masses of poor people.
*select an answer for all questions
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