Miscellaneous 1
An economic downturn is called __________________.
A. Inflation
B. Scarcity
C. Expansion
D. Recession
D. Recession
Which of the following statements about social classes is true?
A. The communist class believed in equality for all, but the socialist class believed competition is more important than equality.
B. The proletariat refers to the working class people and the bourgeoisie refers to the upper and middle class in society that communists believed had too much power and control.
C. Communists believed that the proletariat helped the bourgeoisie gain more power and bring them up to the upper class of society.
D. The bourgeoisie had the most control in society because they had the greatest number of people in their social class.
B. The proletariat refers to the working class people and the bourgeoisie refers to the upper and middle class in society that communists believed had too much power and control.
Which of the following best describes how Adam Smith would view the Russian Revolution in 1905?
A. Smith would support the Revolution as it overthrew the Communist government and replaced it with an open economy and democratic government.
B. Smith would support the Revolution because it overthrew the Tsarist autocracy and led to the creation of a communist government.
C. Smith would not support the Revolution because he did not believe that an open economy and laissez faire government would benefit the people of Russia.
D. Smith would not support the Revolution because it established a communist government and Smith believed that a capitalist society would benefit the people of Russia.
D. Smith would not support the Revolution because it established a communist government and Smith believed that a capitalist society would benefit the people of Russia.
When workers specialize in a particular task in order to increase productivity and lower prices, it is called ________________.
A. Division of Labor
B. Invisible Hand
C. Scarcity
D. Supply and Demand
A. Division of Labor
How did the invention of the cotton gin lead to an increase in slavery in the South?
A. It increased the importance of the cotton as a crop and farmers needed more slaves to harvest it.
B. It caused more people to move to the North and they needed to replace those workers with slaves.
C. Factories began to increase and slaves were needed to work.
D. It did not lead to an increase in slavery in the South.
A. It increased the importance of the cotton as a crop and farmers needed more slaves to harvest it.
Which term means there is not enough of a good or service?
A. Inflation
B. Scarcity
C. Expansion
D. Recession
B. Scarcity
Which of the following economic systems is based on individuals getting private wealth and profits through investment in business and technology?
A. Socialism
B. Communism
C. Mercantilism
D. Capitalism
D. Capitalism
Why did Robert Owen create his New Harmony community?
A. In order to put in practice his beliefs about educational and social reforms.
B. In order to start a workers’ revolution.
C. In order to make a large profit by lowering wages and using child labor.
D. In order to move to the United States.
A. In order to put in practice his beliefs about educational and social reforms.
The ___________________ was a machine that allowed weavers to spin more than one thread at a time and led to an increase in textile factories.
A. Steam Engine
B. Cotton Gin
C. Loom
D. Spinning Jenny
D. Spinning Jenny
Which of the following economic systems is based on a classless society where everyone shares property and a totalitarian government controls state-owned production?
A. Socialism
B. Communism
C. Mercantilism
D. Capitalism
B. Communism
Which German philosopher responsible for writing the Communist Manifesto and advocating a workers’ revolution?
A. Robert Owen
B. Karl Marx
C. Adam Smith
D. Vladimir Lenin
B. Karl Marx
Which Scottish philosopher criticized mercantilism and whose theories laid the groundwork for capitalism?
A. Robert Owen
B. Karl Marx
C. Adam Smith
D. Vladimir Lenin
C. Adam Smith
Which of the following best explains why the Luddites destroyed machines during the Industrial Revolution?
A. To prevent capitalist from making a profit.
B. To not have to work the next day.
C. To protest the effects that machines had on workers.
D. To stop child labor.
C. To protest the effects that machines had on workers.
A theory about how the market will regulate prices based on how many goods are wanted and how many goods are available is called _______________.
A. Supply and Demand
B. Recession
C. Inflation
D. Division of Labor
A. Supply and Demand
A ____________government will leave businesses and trade alone in order to allow the markets to regulate themselves.
A. Communist
B. Socialist
C. Laissez Faire
D. Mercantilist
C. Laissez Faire