Chapter 6 Review

Question 1

In Social Democracy when the state sells back those businesses to expensive to maintain and are unprofitable, is called?

Accepted Answer

Privatization

Question 2

What law will determine if businesses are successful or not?

Accepted Answer

Supply and Demand

Question 3

Which is one of the five steps of Mercantilism?

Accepted Answer

All of the above

Question 4

One of the fundamental flaws of Communism, they believe man is basically good

Accepted Answer

True

Question 5

One of those two questions is?

Accepted Answer

Who answers the three economic questions

Question 6

Classic Liberal Capitalism has five major duties?

Accepted Answer

False

Question 7

Protecting personal infringements is part of what economy?

Accepted Answer

Classic Liberal Capitalism

Question 8

One country considered a Welfare State is?

Accepted Answer

Sweden

Question 9

"Cradle to grave" for citizens and high taxes usually means a nation is considered a Welfare State.

Accepted Answer

True

Question 10

Opponents to Centralized Socialism say it is...

Accepted Answer

All of the above

Question 11

When businesses become to expensive to maintain, socialistic goverments use Privatization.

Accepted Answer

True

Question 12

In a socialistic economy there is...

Accepted Answer

All of the above

Question 13

Karl Marx wrote the Communist Manifesto.

Accepted Answer

True

Question 14

Marx stated that once Capitalism workers realize they are slaves, they will rebell.

Accepted Answer

True

Question 15

Laissez Faire is French for "Let Alone"

Accepted Answer

True

Question 16

Social Democracy bridges a gap between Capitalism and Socialism.

Accepted Answer

True

Question 17

Which is NOT one of the five steps of Mercantilism?

Accepted Answer

Domestic Timeframe

Question 18

Marx said that a benefit of Socialism is...

Accepted Answer

Classlessness

Question 19

Adam Smith wrote a book entitled?

Accepted Answer

The Wealth of Nations

Question 20

Radical Capitalism is used in several countries.

Accepted Answer

False

Question 21

Factors of Production are Land, Labor, Capital and Entrepreneurship.

Accepted Answer

True

Question 22

What words did Adam Smith use for Capitalism?

Accepted Answer

Commercial Society

Question 23

Just laws, falls under Classic Liberal Capitalism?

Accepted Answer

True

Question 24

Communism says eventually the government would disband and turn over Factors of Production to everyone in common.

Accepted Answer

True

Question 25

A monetary system would be part of Classic Liberal Capitalism.

Accepted Answer

True

Question 26

Libertarian Fairness was written by Karl Marx?

Accepted Answer

False

Question 27

In Communism, after eradicating capitalism, they would happily disband and turn over "FOP" to

Accepted Answer

Everyone in common

Question 28

Under Centralized Socialism, the state would ensure every worker gets a?

Accepted Answer

Fair wage

Question 29

Marx stated that the nature of mankind is to _______________ one another.

Accepted Answer

Oppress

Question 30

Communism only exists in theory.

Accepted Answer

True

Question 31

Marx said, any arrangement of the tools of production short of total state ownership would be counterproductive.

Accepted Answer

True

Question 32

What should dictate your philosophy regarding your personal finances and the measure of your involvement in government

Accepted Answer

Scripture

Question 33

What was Adam's Smith's theory called?

Accepted Answer

The invisible Hand

Question 34

Economically speaking, Communism is Socialism in its most extreme form.

Accepted Answer

True

Question 35

There are three main forms of Capitalism.

Accepted Answer

True

Question 36

An example of a Public Good that has been privatized is?

Accepted Answer

All of the above

Question 37

One of the three laws that Adam Smith proposed was.

Accepted Answer

Self Interest

Question 38

Adam Smith was the Father of

Accepted Answer

Economics

Question 39

Opponents to Centralized Socialism says leveling wages incentives workers.

Accepted Answer

False

Question 40

What is the most extreme form of Socialism?

Accepted Answer

Communism

Question 41

In true Communism, everyone would

Accepted Answer

All of the above

Question 42

Nations using the Mercantilism economic system today are?

Accepted Answer

Russia and China

Question 43

There are two questions that need to be answered to determine if a nation is capitalistic or socialistic.

Accepted Answer

True

Question 44

Contrary to Socialism, the Bible states man is selfish.

Accepted Answer

True

Question 45

Adam Smith said government should provide national defence.

Accepted Answer

True

Question 46

Under centralized socialism, society have to tolerate mediocre workmanship and shortages

Accepted Answer

True

Question 47

When goverment assumes ownership of the cornerstone businesses of the economy, it is called Nationalization.

Accepted Answer

True

Question 48

Capitalism has its faults. The Bible admonishes us that we need to pay fair________

Accepted Answer

Wages

Question 49

Marx said that there has always been a class struggle.

Accepted Answer

True

Question 50

One of the way capitalism is portrayed in the Bible is by ___________________ of property.

Accepted Answer

Ownership

Chapter 6 Review

Questions 50

Chapter 6 Review

Questions 50