Quiz 18b - Economic Systems

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	relied on the outdated law of supply and demand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.