Quiz 18a - 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 The way in which Vladimir Lenin's New Economic Policy and Mikhail Gorbachev's policy of perestroika are similar is that both

	allowed elements of capitalism within a communist economic system
	strengthened their country's military defenses
	supported censorship of news and of personal correspondence
	increased tensions during the Cold War

2 The term "mercantilism" is defined as an economic system in which

	prices are determined by the laws of supply and demand
	colonies exist for the benefit of the colonial power
	factors of production are owned by the government
	the proletariat benefit at the expense of the bourgeoisie

3 The Bolshevik Revolution of 1917 was a major turning point in history because

	Russia became the first nation with a Communist economic system
	it was the last revolution in the 20th century
	Russia ceased to be an important force in world affairs
	the royal family was exiled to Mexico

4 The goal of Mao Zedong's policy known as the Great Leap Forward was to

	develop foreign export industries in China's coastal urban centers
	eliminate state-owned industries in rural China
	modernize China's economic system by dividing China into communes
	introduce capitalism to the Chinese economy

5 The main features of a capitalistic economic system are

	powerful labor unions and fixed prices
	export quotas and state ownership of basic industries
	private ownership and the profit motive
	central planning by government and full employment

6 One similarity between Mao Zedong and Fidel Castro is that they

	achieved their goals through the use of peaceful resistance
	worked to protect citizens' rights to freedom of expression
	considered Capitalism to be the best economic system
	led revolutionary movements that established Communist governments

7 In the 1800's, a major cause of European imperialism was the

	desire to establish democratic governments throughout the world
	emergence of Marxism as an economic system
	desire for cheap raw materials and expanded markets
	religious conflict between European nations

8 Which feature would most likely be included in an economic system based on traditional agriculture and self-sufficiency?

	banks
	barter
	gold standard
	tariffs

9 Between 1300 and 1600, which economic system began to develop as a result of the transformation in global trade?

	socialism
	capitalism
	communism
	manorialism

10 What did Karl Marx and Friedrich Engels believe would be the result when communism finally emerged as the dominant political and economic system?

	Only two classes would exist in society.
	All the evils of industrial society would disappear.
	The Soviet Union would become the world's only superpower.
	Citizens would own their individual homes and farms.