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Unit 2A Review SS302
Unit 2A Review SS302
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1
Canada has aspects of Socialism in our government and society
False
True
2
Which is a positive factor of capitalism?
Possibility to become very wealthy
Fosters Self-Reliance
Market gives producer incentive to produce goods
Advertising can influence the consumer
3
What is this image demonstrating?
Incentive
Opportunity Cost
Cost vs Benefit
Scarcity
4
Argued for the need to include labor legislation to protect workers agains the abuses of laissezfaire capitalist society
Karl Marx
John Stuart Mill
Thomas Malthus
David Ricardo
5
Which is NOT an aspect of Swedish Socialism?
More unionized - attitude of cooperation
'Crade to Grave' social services
Five Year Plans
Indicative Planning
6
Why did a rejection of Classical Liberalism occur during and after the Industrial Revolution?
A justification of natural law of poverty from economic elites
Rapid transformation meant focus on efficiency and profit over humanity
Economic attitudes changed more quickly than political or humanitarian ones
Classical Liberalism did not benefit everyone equally
7
What are large scale farms that peasants could pool resources under state control to increase output in Russia?
State Farms
Collective Farms
Factories
Gulags
8
Which is a positive result of Stalin's Communism?
Industrialization occurred quickly throughout the Soviet Union
State Farms were unproductive and produce Kulak Rebellions
Created a black market for goods
Bureaucracy led to inefficiencies and shortages of goods
9
Which is NOT a key value of Adam Smith
Individual needs are emphasized
Freedom of trade and choice
Values of self-reliance, initiative, and hard work
Collective needs are emphasized
10
Marxism emphasizes class conflict, when products becoming more valued than people workers can revolt
True
False
11
Which of the following gave rise to the ideology of Socialism?
Lack of equality and humanitarianism in classical liberalism
The great wealth divide due to Industrialization in the 19th century
A reaction to the social equality created by Classical Liberalism
A reaction to the social injustices created by Classical Liberalism
12
Monarchs used Capitalism and switched to a system of Mercantilism in the 19th century to become wealthier.
True
False
13
Leninism is
best
described as...
A mixed economy and welfare state combination
A socialist economy and Marxist combination
A capitalistic economy and welfare state
A mixed economy and free market combination
14
Which is NOT an idea of the Communist Manifesto?
The struggle between the classes is the strongest force in society
Class struggle will bring discontent, revolution and class welfare
The economic elite can maintain their wealth while the poor gain equality
Communism/Marxism will create a classless society based on equality
15
Created the Communist Manifesto, believed that the struggle between classes is the strongest force in society
David Ricardo
John Stuart Mill
Thomas Malthus
Karl Marx
16
Which is an example of opportunity cost?
Going out with the homies and then studying afterwards
Going to a party instead of going to work
Going to work
Playing COD with the homies instead of studying
17
The New Economic Policy was widely accepted and continued on after Lenin's death
False
True
18
Which of the following is an aspect of War Communism?
Free Market declared illegal
All private enterprise and ownership abolished
Labour was conscripted
Government takes 50% of farm surplus
19
What is the best definition of market economy?
Emphasizes Capitalism, free market, or private enterprise
Ranges from welfare capitalism and highly socialistic economics
Focuses on socialism, communism, centrally planned, or public enterprises.
When you go to superstore and you try to bater the price of a banana
20
When Stalin abandoned the New Economic Policy, he implemented which of the following?
Five Year Plans
Indicative Planning
New Deal
Marxism
21
Which of the following is NOT an aspect of the enlightenment?
Builds on humanistic ideals of the renaissance and reformation
Using logical thought and reasoning
Philosophers only focus on economic aspects of society.
Philosophers against status quo, against feudalism + divine right of kings
22
Classical Liberalism focuses on the ideas of the Social Contract
True
False
23
What system is in place on the
right?
War Communism
New Deal
New Economic Policy
Stalinism
24
Utopian Socialists only wanted to modify classical liberalism and were practiced in places such as New Lanark.
False
True
25
Which is NOT a factor of the explosion of the Industrial Revolution?
Migration to the cities due to the Enclosure Act
Expansion of Transportation
Scarcity of Materials
Expansion of Factories
26
Define: There aren't enough resources to give everyone everything, so we have to make choices on how to use the resource
Opportunity Cost
Incentive
Cost
Scarcity
27
Socialism is
most closely
related to which of the following ideologies?
Liberalism
Communism
Capitalism
Fascism
28
Define: Meaning to 'Leave Alone,' where the government does not intervene in the free market.
Laissez-Faire
Social Contract
Invisible Hand
Capitalism
29
What were Lenin's 3 promises after taking power in Russia?
Peace, Land, Bread
Peace, Land, Wheat
War, Land, Bread
Peace, Jobs, Bread
30
War Communism brought Russia to a point of breakdown, thererfore, Lenin implemented the New Deal to combat collapse
False
True
31
The Industrial Revolution Started in Great Britain and is considered to be the powerhouse of the movement
True
False
32
Which of the following is NOT a core belief of Classical Liberalism?
Collective Interest
Intellectual, moral, political, economic and social progress
Economic Freedom: Free Markets, Economic Competition, Private Property
Individual Freedom
33
During the industrial revolution there was child labour, 12-16 hour days, limited or no breaks, and corporal punishment
True
False
34
Which is NOT an advantage of communism?
Distribution of income is more equal
Helps reduce wastage of resources
No one suffers from trade cycles
Stifles individual effort
35
What is the Nouveau Riche?
A derogatory term for newly rich families from the industrial revolution
A positive term for newly rich families from the Industrial Revolution
A derogatory term for families with 'old' inherited money
A positive term for families with 'old' inherited money
36
Which of the following is NOT a question that economic ideologies must answer in regard to scarcity?
Who makes profit?
What to produce?
How to Produce?
Who gets what?
37
Adam Smith believed in private property, profit motive, price systems, competition and inequalities of wealth.
True
False
38
On the economic cycle, this is where the most layoffs happen and we have the most unemployed.
Peak
Recovery
Trough/Depression
Recession
39
The invisible hand refers to...
A spooky ghost encounter at 3am
A metaphor for how unseen forces move the free-market economy
A metaphor on how the government works to move the economy
A metaphor on how money is distributed to the impoverished by rich citizens
40
Socialists wanted fundamental changes to society's structure to encourage government to focus more on the individual
True
False
41
Which of the following is NOT an event that we consider to be the originals of classical liberalism?
The Enlightenment
World War Two
Renaissance
Reformation
42
War Communisms effects were low government income, no motivation, famines, emigrations, and declining factory production
False
True
43
Robert Owen promoted the ideas of Classical Liberalism through the creation of New Lanark
False
True
44
After the Civil War in Russia (1917-1922), Capitalism is officially established under Lenin.
True
False
45
Which is NOT an aspect of the New Economic Policy?
Was a permanent solution to the problems of War Communism
International Trade was encouraged
Trade is permitted
Peasants could sell surplus crops
46
Which of the following is NOT a Socialist idea of achieving economic equality?
Competition over Cooperation
High degree of state involvement in control and direction of economy
Providing income security through guaranteed employment
Guaranteed living standards
