Laissez-faire capitalists oppose unions primarily because they believe that unions

increase the cost of production

From a right-wing perspective centrally planned economies have the greatest difficulty

providing incentives for innovation

The economist Keynes recommended that during periods of economic prosperity governments should

reduce spending but raise taxes to dampen inflation

Supporters of public enterprise systems see competition as negative force because

leads to inefficient use of goods and services

Which of the following operates outside of supply and demand to determine prices?

a monopolistic franchise granted to a utility firm

The most significant effect of the New Deal on capitalist economies was the

changed perception of the role of government in the economy

If a state has high unemployment a right wing capitalist would

leave it alone to allow the market to correct itself

In a mixed economy such as Canada's the goal of economic equity is pursued through

social safety net and progressive income tax rates

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Social 30-1 Economics

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Economics: Ebb and Flow

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Questions 16

Answers

1
Laissez-faire capitalists oppose unions primarily because they believe that unions
fail to act in the long-term interests of their members
restrict consumer confidence and spending
encourage governments to spend lavishly on public works
increase the cost of production
2
The father of capitalism
Marx
Mill
Lenin
Smith
3
Economic inequality for profit rather than economic equality would be defended by
fascist views
communist views
market-oriented views
laissez-faire views
4
From a right-wing perspective centrally planned economies have the greatest difficulty
reducing inequalities in income
providing incentives for innovation
adjusting to the principles of economic cooperation
stabilizing fluctuations in the business cycle
5
The economist Keynes recommended that during periods of economic prosperity governments should
lower interest rates to encourage investment
reduce spending but raise taxes to dampen inflation
nationalize industries with high debt loads
increase transfer payments and social welfare spending
6
Supporters of public enterprise systems see competition as negative force because
encourages a more equal distribution of wealth
leads to inefficient use of goods and services
distributes more wealth to the consumer than to the producer
thwarts the operation of supply and demand in an economy
7
Which of the following operates outside of supply and demand to determine prices?
a drought in a major agricultural region
an increase in wages won by a union
a buyers' strike on the part of consumers
a monopolistic franchise granted to a utility firm
8
The most significant effect of the New Deal on capitalist economies was the
new competition to the private sector by government sector
changed perception of the role of government in the economy
regulations that limited the actions of chartered banks
gov't intervention was not successful in curing the economy
9
Roosevelt's New Deal relied on the ideas and principals of one of the following.
Karl Marx
John Maynard Keynes
John Stuart Mill
10
Economic planning was centralized in the U.S.S.R. to encourage increased
equality among citizens
thrift through consumer saving
initiative among factory owners
competition through monetary incentives
11
If a state has high unemployment a right wing capitalist would
increase taxes to offset unemployment
increase interest rates to offset inflation
increase social assistance to offset social disparity
leave it alone to allow the market to correct itself
12
Canada is an example of a
traditional economy
command economy
mixed economy
market economy
13
The main determinant in deciding what products to produce in a capitalist economy is
cost of production
demand
supply
unit cost
14
The father of communism
Marx
Mill
Hobbes
Smith
15
Together the economic policies of Thatcher, Reagan, and Klein reflected a commitment to
deregulation
interventionism
centralization
universality
16
In a mixed economy such as Canada's the goal of economic equity is pursued through
private ownership and foreign investment
social safety net and progressive income tax rates
laissez-faire competition and decentralization
public ownership and collectivization

Social 30-1 Economics Flashcards | StudBud