Economic Policy Vol II Question Preview (ID: 49432)


GOVT 11. TEACHERS: click here for quick copy question ID numbers.

Competition is a feature of
a) capitalism
b) socialism
c) communism
d) totalitarianism

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) communism
b) feudalism
c) capitalism
d) socialism

The economic system in which government involvement is most limited is
a) capitalism
b) communism
c) democratic socialism
d) authoritarian socialism

Socialists
a) favoured private property
b) favoured individual controlled property
c) were against private property
d) regarded private property as a solution of all problems

All of the following describe supply and demand EXCEPT
a) when demand decreases, prices rise
b) when demand increases, prices rise
c) when supply increases, prices fall
d) when supply decreases, prices rise

Who is the founder of capitalist theory?
a) Adam Smith
b) Alexander Hamilton
c) Thomas Jefferson
d) Friedrich Engels

Who is the founder of modern socialism?
a) Karl Marx
b) Vladimir Lenin
c) Adam Smith
d) Thomas Jefferson

How does capitalism promote efficiency?
a) through competition
b) by adhering to custom
c) through government regulation
d) through government ownership of property

Which of the following constitutes the largest portion of the federal budget?
a) mandatory spending
b) foreign aid
c) discretionary spending
d) military spending

Socialism seems attractive to developing nations because
a) it promises to raise the standard of living for masses of poor people.
b) it can bring a wide variety of entertainment.
c) free enterprise encourages economic growth.
d) people need democratic leadership to overcome diffences in opinion.

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