Quiz 18b - Economic Systems

From LearnSocialStudies

The following is a quiz on Economic Systems such as traditional economy, barter, manorialism, mercantilism, capitalism, communism, command economy, laissez faire capitalism, and mixed economy.

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1 A major result of the Industrial Revolution in Western Europe was that

the middle class increased in number and in power
the population in cities declined
traditional attitudes and values were strengthened
mercantilism replaced capitalism as the dominant economic system

2 Since the collapse of the Soviet Union in the early 1990s, Russia has attempted to build an economic system based on

a return to feudalism
the ideas of Marx and Lenin
the writings of Mao Zedong
a free-market system

3 Which statement best explains China's economic shift toward capitalism in the 1980s and early 1990s?

China's economic policies were directly influenced by the success of the Soviet economic system.
The Tiananmen Square massacre resulted in major economic reforms in China.
The success of the Cultural Revolution resulted in the increased westernization of China.
communist economic policies were not meeting the needs of the society.

4 One reason for the collapse of the Communist economic system in Eastern Europe during the early 1990s was that this system

lacked adequate incentives to maintain high productivity
used the principles of mercantilism
encouraged laissez-faire practices and policies
relied on the outdated law of supply and demand

5 Which economic system existed in Europe during the early Middle Ages?

free market
socialism
manorialism
command

6 The purpose of colonies is to ship raw materials to the colonial power and buy finished goods from the colonial power.

This statement reflects the basic idea of which economic system?

socialism
communism
mercantilism
capitalism

7 In a traditional economic system, which type of goods is most often produced?

agricultural products
heavy industrial machinery
military supplies
electronics and computers

8 Which type of economic system was used by both Joseph Stalin and Mao Zedong to accelerate the economic growth of their respective nations?

mixed
market
command
traditional

9 Base your answer to the following question on the statements below and on your knowledge of social studies.

Statement A: The might of a country consists of gaining surpluses of gold and silver.

Statement B: A nation's strength is found in economic independence and the maintenance of a favorable balance of trade.

Statement C: We need to gain colonies both as sources for raw materials and as markets for our manufactured goods.

Which economic system is being described by these statements?

traditional
feudalism
command
mercantilisn

10 _____________________________________________________________

  • Reunification of East and West Germany
  • Restructuring of the economy of the former Soviet Union
  • Eastern Europe's extensive political changes

_____________________________________________________________

Which is a valid conclusion that can be drawn from a study of these events of the late 1980s and early 1990s?

The former Soviet Union succeeded in isolating its satellites from Western influences.
The United Nations forced Communist leaders to accept changes.
Communist leaders used new strategies to win the cold war.
Communism did not succeed as a workable political and economic system in Europe.