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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
capitalism
C
communism
D
totalitarianism
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
capitalism
B
socialism
C
feudalism
D
communism
3) The economic system in which government involvement is most limited is
A
capitalism
B
democratic socialism
C
authoritarian socialism
D
communism
4) Socialists
A
were against private property
B
regarded private property as a solution of all problems
C
favoured individual controlled property
D
favoured private property
5) All of the following describe supply and demand EXCEPT
A
when demand decreases, prices rise
B
when supply increases, prices fall
C
when supply decreases, prices rise
D
when demand increases, prices rise
6) Who is the founder of capitalist theory?
A
Adam Smith
B
Alexander Hamilton
C
Thomas Jefferson
D
Friedrich Engels
7) Who is the founder of modern socialism?
A
Karl Marx
B
Thomas Jefferson
C
Adam Smith
D
Vladimir Lenin
8) How does capitalism promote efficiency?
A
by adhering to custom
B
through government regulation
C
through competition
D
through government ownership of property
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
it promises to raise the standard of living for masses of poor people.
D
people need democratic leadership to overcome diffences in opinion.
*select an answer for all questions
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