Quiz 18a - 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 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.