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Unit 2 Exam SS301
Unit 2 Exam SS301
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1
Which is NOT a downfall of Stalin's Communism?
Industrialization occurred quickly throughout the Soviet Union
Bureaucracy led to inefficiencies and shortages of goods
State Farms were unproductive and produce Kulak Rebellions
Created a black market for goods
2
Which of the following is an idea of Social Darwinism?
Natural Laws mean that your place in society is based on your ability
Based on Darwin's Theory of 'Survival of the Fittest'
Meant to better society because only the best would survive competition
Justifies the practices of the economic elite and the poverty gap.
3
What is the Nouveau Riche?
A derogatory term for families with 'old' inherited money
A positive term for families with 'old' inherited money
A derogatory term for newly rich families from the industrial revolution
A positive term for newly rich families from the Industrial Revolution
4
Thatcherism and Trickle-Down Economics is a shift to the....
Left
Right
5
Marxism emphasizes class conflict, when products becoming more valued than people workers can revolt
False
True
6
Which is an example of opportunity cost?
Playing COD with the homies instead of studying
Going to work
Going to a party instead of going to work
Going out with the homies and then studying afterwards
7
Keynesian Economics focuses on Supply
False
True
8
What were Lenin's 3 promises after taking power in Russia?
Peace, Land, Wheat
Peace, Land, Bread
Peace, Jobs, Bread
War, Land, Bread
9
Which of the following is an aspect of War Communism?
Labour was conscripted
Free Market declared illegal
All private enterprise and ownership abolished
Government takes 50% of farm surplus
10
What are the three R's of the New Deal?
Relief, Recovery, Reform
Relief, Recovery, Revitalize
Relief, Restore, Revitalize
Relief, Restore, Reform
11
Socialists wanted fundamental changes to society's structure to encourage government to focus more on the individual
True
False
12
Define: There aren't enough resources to give everyone everything, so we have to make choices on how to use the resource
Incentive
Opportunity Cost
Cost
Scarcity
13
Classical Liberalism and Modern Liberalism differ in that...
Modern Liberalism moved to the left of the political and economic spectrum
Classical Liberalism supports government involvement when necessary
Classical Liberalism does not believe individuals play a role in decisions
Modern Liberalism is dedicated to political decisions made by a group
14
Created the Communist Manifesto, believed that the struggle between classes is the strongest force in society
Karl Marx
David Ricardo
John Stuart Mill
Thomas Malthus
15
What is the
best
definition of Black Tuesday?
When you line up at Walmart on the Tuesday before Black Friday
When investors overtraded from on the margin buying and crashed the market
When the banks closed due to the stock market crash
A political decision to trade stocks and crash the market
16
What system is in place on the
right?
Stalinism
War Communism
New Deal
New Economic Policy
17
Define: Meaning to 'Leave Alone,' where the government does not intervene in the free market.
Laissez-Faire
Social Contract
Invisible Hand
Capitalism
18
Which of the following did NOT occur during Stalin's rule of Russia?
Human rights were at an all time high
13 dams were built across Russia
A new Russian Mythology established
USSR turned into a modern state
19
Which of the following is NOT a core belief of Classical Liberalism?
Intellectual, moral, political, economic and social progress
Collective Interest
Economic Freedom: Free Markets, Economic Competition, Private Property
Individual Freedom
20
Which of the following is NOT a neo-conservative belief?
Decrease in taxes
Reduce government spending in education and healthcare
Promote Affirmative Action Policies
Challenge Labour Unions
21
Centralizing means to place the power in the hands of the government and government makes decisions of the people.
True
False
22
Which of the following is NOT a Socialist idea of achieving economic equality?
Guaranteed living standards
Providing income security through guaranteed employment
High degree of state involvement in control and direction of economy
Competition over Cooperation
23
War Communism effects were low government income, no motivation, famines, emigrations, and declining factory production
False
True
24
Which of the following is NOT an aspect of the enlightenment?
Builds on humanistic ideals of the renaissance and reformation
Philosophers against status quo, against feudalism + divine right of kings
Using logical thought and reasoning
Philosophers only focus on economic aspects of society.
25
The invisible hand refers to...
A metaphor on how the government works to move the economy
A metaphor for how unseen forces move the free-market economy
A spooky ghost encounter at 3am
A metaphor on how money is distributed to the impoverished by rich citizens
26
Canada has aspects of Socialism in our government and society
True
False
27
Which of the following is considered to be the
spark
of the Great Depression?
Rise of Consumerism and Overproduction of Goods
Protective Tariffs made Domestic Goods Cheaper than International Ones
Overproduction of Wheat
The 1929 Stock Market Crash
28
The economic reforms in Russia in 1985 are called...
The New Deal
New Economic Policy
Glasnost
Perestroika
29
Who believed that the Great Depression was a temporary slump and refused to give aid to Conservative run provinces?
Franklin D. Roosevelt
R.B. Bennett
John A. MacDonald
Mackenzie King
30
Why did a rejection of Classical Liberalism occur during and after the Industrial Revolution?
Classical Liberalism did not benefit everyone equally
Rapid transformation meant focus on efficiency and profit over humanity
A justification of natural law of poverty from economic elites
Economic attitudes changed more quickly than political or humanitarian ones
31
What is the significance of the New Deal?
A shift to the left in both American Politics and Economics
A shift to the left in American politics and right in economics
A shift to the right in American Politics and left in Economics
A shift to the right in both American Politics and Economics
32
Adam Smith believed in private property, profit motive, price systems, competition and inequalities of wealth.
True
False
33
Argued for the need to include labor legislation to protect workers agains the abuses of laissezfaire capitalist society
John Stuart Mill
Thomas Malthus
Karl Marx
David Ricardo
34
The emphasis of the Five Year Plans were primarily on power (electricity), capital goods, and agriculture
True
False
35
Which is NOT an advantage of communism?
No one suffers from trade cycles
Stifles individual effort
Helps reduce wastage of resources
Distribution of income is more equal
36
What is the best definition of market economy?
Ranges from welfare capitalism and highly socialistic economics
Focuses on socialism, communism, centrally planned, or public enterprises.
Emphasizes Capitalism, free market, or private enterprise
When you go to superstore and you try to bater the price of a banana
37
FDR wanted to stimulate the American economy through...
Reducing government regulation of the market
Reforming the banking system and creating public work projects
Nationalizing profitable corporations to raise government revenues
Bringing in more effiicient budgets to reduce debt
38
When Stalin abandoned the New Economic Policy, he implemented which of the following?
Five Year Plans
New Deal
Indicative Planning
Marxism
39
Bennett Camps provided men with work opportunities for clothes, food and shelter, but poor conditions caused a protest
False
True
40
An ideology that emerged as a reaction against modern liberal principles and keynesian economic theories
Conservatism
Neo-Conservatism
Capitalism
Socialism
41
FDR wanted to stimulate the economy through...
Reducing government regulation of the marketplace
Bringing in more efficient budgets to reduce debt
Reforming the banking system and creating public work projects
Nationalizing profitable corporations to raise government revenues
42
On the below economic cycle, this is where the most layoffs happen and we have the most unemployed.
Peak
Recession
Trough
Recovery
43
What are large scale farms that peasants could pool resources under state control to increase output in Russia?
Gulags
Collective Farms
State Farms
Factories
44
Wrote the Essay on Population and theorized that population growth was checked by disease and famine, justifies poverty
Adam Smith
David Ricardo
Thomas Malthus
Thomas Hobbes
45
Totalitarianism is the control of all aspects of life from the party in control.
False
True
46
Which is NOT a 'pro' of Capitalism?
Market gives producer incentive to produce goods
Advertising can influence the consumer
Fosters Self-Reliance
Possibility to become very wealthy
47
Leninism is
best
described as...
A mixed economy and welfare state combination
A mixed economy and free market combination
A capitalistic economy and welfare state
A socialist economy and Marxist combination
48
What caused the Stock Market crash of 1929?
People bought stocks with easy credit
The government raised interest rates
The stock market peak occurred before the crash
The market and general public were overconfident
49
Which is NOT a policy of Glasnost?
Allowing people to own property and small businesses
Open criticism of the government in Russia
Lifting Censorship Laws
Released political prisoners fron gulags
50
Which of the following is NOT a question that economic ideologies must answer in regard to scarcity?
How to Produce?
What to produce?
Who gets what?
Who makes profit?
51
Which is not a Canadian reaction to the Great Depression?
The Rise of the CCF
The Rise of Communist Popularity
The Regina Manifesto
The Rise of the SCP
52
Robert Owen promoted the ideas of Classical Liberalism through the creation of New Lanark
True
False
53
Which of the following is NOT an event that we consider to be the originals of classical liberalism?
World War Two
Reformation
Renaissance
The Enlightenment
54
The Industrial Revolution Started in Great Britain and is considered to be the powerhouse of the movement
True
False
55
Believed in the Iron Law of Wages and that poverty was a natural law of limiting population and it was inescapable.
Thomas Malthus
Adam Smith
David Ricardo
John Locke
56
What were the three central ideas of President Harding's Platform in 1920?
Expansionism, Nativism, and Increase of Government Intervention
Isolationism, Nativism, and Increase Government Intervention
Expansionism, Nativism, and Reduction of Government Intervention
Isolationism, Nativism, Reduction of Government Intervention
57
What is this image demonstrating?
Incentive
Scarcity
Opportunity Cost
Cost vs Benefit
58
Which of the following is NOT a change in American Society during the 1920's?
More Americans lived on farms than in cities
A new mass culture rose from Jazz, Flappers, Radio and new innovations
The nation's wealth doubled
People from coast to coast could now buy the same consumer goods
59
Socialism is
most closely
related to which of the following ideologies?
Communism
Fascism
Liberalism
Capitalism
60
During the industrial revolution there was child labour, 12-16 hour days, limited or no breaks, and corporal punishment
False
True
61
Which is NOT an idea of the Communist Manifesto?
Class struggle will bring discontent, revolution and class welfare
The economic elite can maintain their wealth while the poor gain equality
The struggle between the classes is the strongest force in society
Communism/Marxism will create a classless society based on equality
62
Which is NOT a factor to why Socialism started?
The great wealth divide due to Industrialization in the 19th century
A reaction to the social injustices created by Classical Liberalism
A reaction to the social equality created by Classical Liberalism
Lack of equality and humanitarianism in classical liberalism
63
Which is NOT an aspect of the New Economic Policy?
Was a permanent solution to the problems of War Communism
Peasants could sell surplus crops
International Trade was encouraged
Trade is permitted
64
Which is NOT one of R.B. Bennett's Policies during the Great Depression?
Created a system of unemployment camps
Raised tariffs on imports of 50% in order to protect Canada's industries
The government would leave the market alone to regulate itself
Puts 20 million dollars towards Unemployment Relief Act
65
Utopian Socialists only wanted to modify classical liberalism and were practiced in places such as New Lanark.
True
False
66
Which of the following is a factor that helped create Staglation in the United States?
Oil Crisis of 1970
OPEC Sanctions
Recession
American Involvement in the Arab-Israeli War
67
Which is NOT an aspect of Swedish Socialism?
More unionized - attitude of cooperation
Indicative Planning
'Crade to Grave' social services
Five Year Plans
68
Inflation usually occurs during time of prosperity in Keynesian Economics
False
True
69
Which is NOT a key value of Adam Smith
Individual needs are emphasized
Freedom of trade and choice
Collective needs are emphasized
Values of self-reliance, initiative, and hard work
70
Which is NOT a factor for the explosion of the Industrial Revolution?
Migration to the cities due to the Enclosure Act
Scarcity of Materials
Expansion of Transportation
Expansion of Factories
