Economics Ch. 10-12

Question 1

Any system of collective ownership and control of natural resources.

Accepted Answer

socialism

Question 2

Increased governmental control of the economy during the Great Depression through the New Deal.

Accepted Answer

Franklin Roosevelt

Question 3

Who makes the majority of the economic choices in a free market society?

Accepted Answer

private sector

Question 4

Communist governments can attempt to control distribution by forbidding ___.

Accepted Answer

competition

Question 5

The CPI compares prices to ___, which is set to 100 percent

Accepted Answer

base period

Question 6

A perfect society in Marxist terms.

Accepted Answer

utopia

Question 7

Occurs when a business increases their prices to compensate for rising production costs

Accepted Answer

cost-push inflation

Question 8

A government should pump money into and economy during recessions.

Accepted Answer

John Maynard Keynes

Question 9

High inflation combined with high unemployment.

Accepted Answer

stagflation

Question 10

According to communism, this must be overthrown

Accepted Answer

bourgeois

Question 11

“Expert planners” can better solve economic problems than the ”Invisible hand.”

Accepted Answer

Keynesianism

Question 12

Reduction of taxes makes more money available for private investment in capital and research.

Accepted Answer

supply-side economics

Question 13

Welfare Capitalism and managed capitalism are examples of this type of economic system...

Accepted Answer

socialism

Question 14

Part of the business cycle that is the “boom.”

Accepted Answer

expansion

Question 15

The value of all finished goods and services produced within a country during a year’s time.

Accepted Answer

GDP

Question 16

1 of the main dangers of ___ is it’s deceptiveness; it infiltrates an economy

Accepted Answer

socialism

Question 17

The Father of Communism

Accepted Answer

Karl Marx

Question 18

Marx saw ____ as a necessary evil in the transition from feudalism to communism.

Accepted Answer

capitalism

Question 19

The state ought to confine its activity to “everything that is truly and properly public.”

Accepted Answer

Edmund Burke

Question 20

demand becomes greater than the supply, creating shortages

Accepted Answer

demand-pull inflation

Question 21

Tool to measure a nation’s inflation.

Accepted Answer

CPI

Question 22

Event that began the rise of Communism.

Accepted Answer

The Bolshevik Revolution

Question 23

when and economy reachers the peak of its expansion, it is immediately followed by a

Accepted Answer

recession

Question 24

Five ways governments damage their economies

Accepted Answer

click here when done

Question 25

An established system of political administration by which a nation is ruled.

Accepted Answer

government

Question 26

Value of all finished goods and services produced by a nation’s citizens during a year’s time.

Accepted Answer

GNP

Question 27

A pamphlet written to outline the steps to establish communism

Accepted Answer

The Communist Manifesto

Question 28

Attempted to lift the American economy out of its slump by implementing supply-side economics.

Accepted Answer

Ronald Reagan

Question 29

A complex organization made up of appointed officials and their departments.

Accepted Answer

bureaucracy

Question 30

promotion of one’s own nation regardless of moral considerations

Accepted Answer

nationalism

Question 31

Four Parts of a business cycle

Accepted Answer

click here

Question 32

public ownership & gov’t control of production and distribution of nearly all nat’l resources

Accepted Answer

communism

Question 33

components of the economy that normally change before the rest of the economy

Accepted Answer

leading indicators

Question 34

Two primary aims of government

Accepted Answer

reward good, punish evil

Question 35

Divided city that provided an example of the results typically found in a command economy.

Accepted Answer

Berlin

Economics Ch. 10-12

Questions 35

Economics Ch. 10-12

Questions 35