Economic Systems Review Question Preview (ID: 37994)


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In the European feudal system under manorialism, what is the most significant economic commodity?
a) livestock
b) land
c) gold and silver
d) sugar and spices

Which revolution led to the concept of banking, the creation of guilds, and the development of capitalism in Europe?
a) Commercial
b) Agricultural
c) Scientific
d) Industrial

Which statement is supported by the ideas of Karl Marx?
a) Private ownership of businesses helps workers.
b) Industrialization benefits the wealthy and exploits the poor.
c) Countries should benefit from the wealth of their colonies.
d) Industrial capitalism allows workers and employers to work together for a common purpose.

The policy of establishing colonies to gain wealth by controlling colonial trade is called
a) socialism
b) fascism
c) mercantilism
d) communism

Which type of economic system relies primarily on hunting, gathering, herding, and farming to maintain self-sufficiency?
a) traditional
b) command
c) capitalism
d) mixed

Capitalism is to private ownership as communism is to
a) supply and demand
b) laissez-faire
c) state control
d) self-determination

Which topic is central to the study of economics?
a) tracking the development and spread of diseases
b) understanding the causes of ethnic rivalries
c) examining the distribution and use of limited resources
d) studying the growth and role of political parties

Which course of action does the theory of laissez-faire suggest a government should follow?
a) providing help for people in need
b) establishing businesses to create jobs
c) letting natural laws regulate the economy
d) controlling the mineral resources of a country

Which social scientists focus their studies on scarcity, resources, and profit motives?
a) archaeologists
b) historians
c) economists
d) sociologists

In an ideal market economy, the answer to the question “What shall be produced?” would be determined primarily by
a) governments
b) bankers
c) consumers
d) retailers

According to Thomas Malthus, the rate of increase for human populations in relation to the rate of increase for food production was a problem. Malthus believed that
a) industrial development would severely limit population growth
b) famine and war were natural checks on population growth
c) countries with larger populations would conquer countries with smaller populations
d) food production would increase at a faster rate than populations would

In which economic system used by early civilizations are decisions about the distribution of goods based primarily on customs, beliefs, and habits?
a) mixed
b) free-market
c) traditional
d) command

Which statement best describes an aspect of a command economy?
a) Profit motivates individuals to set up private businesses.
b) Tradition, religion, and customs heavily influence economic decisions.
c) Supply and demand regulate the economy.
d) Government directs and controls the means of production.

Which is a necessity for both capitalist and socialist economic systems?
a) providing for government control of all industries
b) assuring the growth of big business
c) centralizing national economic planning
d) using resources to satisfy wants

Which is true of an economy operating under a free market system?
a) The government fixes the prices of products.
b) Prices are fixed by agreements among business leaders.
c) Prices change according to changes in the supply of and demand for products.
d) Major industries are controlled by the government, but smaller businesses may be privately owned.

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