Term
1.
Great Britian took the lead in designing the postwar institutions that would mold interntional economic relations.
A) True
B) False |
|
Definition
|
|
Term
2.
The chairperson of the Bretton Woods Conference was _______________.
A) George Marshall
B) Harry Truman
C) John Maynard Keynes |
|
Definition
|
|
Term
3.
The institution established to lend hard curriencies to war torn nations to help them develop their economies was the _______________.
A) World Bank
B) International Monetary Fund |
|
Definition
| B) International Monetary Fund |
|
|
Term
4.
The institution established to provide financing for major infrastructure investment projects after World War II was the ____________.
A) World Bank
B) International Monetary Fund |
|
Definition
|
|
Term
5.
The Bretton Woods Agreement fixed the value of world currienceis to an ounce of gold.
A) True
B) False |
|
Definition
|
|
Term
6.
THe $12 Billion aid package by the U.S. to help rebuild war torn economies was known as the ______________________.
A) Eisenhower Plan
B) Truman Plan
C) Marshall Plan |
|
Definition
|
|
Term
7.
Much of the new technologies that energize our economy today had their origins in military research connected with ____________________.
A) World War 2
B) The Cold War
C) Both World War 2 and the Cold War |
|
Definition
| C) Both World War 2 and the Cold War |
|
|
Term
8.
The aim of the postwar Capital-Labor Accord was to ______________.
A) ensure stable prices
B) enhance productivity |
|
Definition
|
|
Term
9.
In 1961, President Kennedy began deliberately cutting taxes to stimulate the economy. This Keynesian prescription became known as ____________.
A) stabilization policy
B) Kennedy's pill |
|
Definition
|
|
Term
10.
I initiated a War on Poverty in the 1960s through various grants for community development, housing and education. Who was I?
A) John F. Kennedy
B) Lyndon B. Johnson
C) Richard M. Nixon |
|
Definition
|
|
Term
11.
If any single phenomenon can be said to mark the end of the Golden Age, it was the appearance on the American scene of ________________.
A) recession
B) deflation
C) stagflation
D) inflation |
|
Definition
|
|
Term
12.
If there is any single event that marked the beginning of the inflationary trend of the 1970s, it was Americas full scale entrance into the ______________.
A) Cold War
B) Vietnam Wa
r |
|
Definition
|
|
Term
13.
1973 saw the first of two OPEC oil embargos that eventually increased oil prices from $3 Dollars per barrel to __________ by 1979.
A) $10 dollars per barrel
B) $25 dollars per barrel
C) $35 dollars per barrel |
|
Definition
| C) $35 dollars per barrel |
|
|
Term
14.
The simultaneous experience of rapid inflation and recession in the early 1980s was labeled ____________.
A) deflation
B) Regans Folly
C) stagflation |
|
Definition
|
|
Term
15.
Which of the following is an explanation for the economic decline of the 1980s and early 1990s?
A) a shift to a service economy
B) the slow pace of business investment
C) business downsizing
D) all of these |
|
Definition
|
|
Term
16.
America currently has the most equitable distribution of wealth of any nation in the world.
A) True
B) False |
|
Definition
|
|
Term
17.
Capitalism developed historically as part of the movement or philosophy of ___________.
A) utilitarianism
B) individualism |
|
Definition
|
|
Term
18.
Capitalism was born, and its early development occurred in ______________.
A) France
B) America
C) Germany
D) Great Britain |
|
Definition
|
|
Term
19.
Another name for the free interplay between buyers and sellers is ________________.
A) specialization
B) freedom of contract
C) competition |
|
Definition
|
|
Term
20.
In the capitalist system, the separation of business ownership from business management was made legally possible by the invention of ______________________.
A) private ownership of property
B) the system of mass production
C) the corporate form of business |
|
Definition
| C) the corporate form of business |
|
|
Term
21.
Goods can be overproduced and stored, services cannot.
A) True
B) False |
|
Definition
|
|
Term
22.
Most advanced capitalist nations are characterized by a private-for-profit sector and a not-for-profit sector. We call this two sector system a ___________________.
A) guided economy
B) integrated economy
C) mixed economy |
|
Definition
|
|
Term
23.
The separation of ownership from management in business has led to less bureaucracy within the private sector of the economy.
A) True
B) False |
|
Definition
|
|
Term
24.
Tradition-run societies see the future as _____________.
A) one of unlimited possibilities
B) a continuation of the past |
|
Definition
| B) a continuation of the past |
|
|
Term
25.
Command societies see the future as ___________.
A) one of unlimited possibilities
B) a continuation of the past |
|
Definition
| B) a continuation of the past |
|
|
Term
26.
Market systems like capitalism see the future as _______________.
A) one of unlimited possibilities
B) a continuation of the past |
|
Definition
| A) one of unlimited possibilities |
|
|
Term
27.
Prediction concerns itself mainly with ___________.
A) processes
B) outcomes |
|
Definition
|
|
Term
28.
Analysis concerns itself mainly with ___________.
A) processes
B) outcomes |
|
Definition
|
|
Term
29.
The problems of unemployment and stagnant earnings will require a mainly ____________ analysis.
A) macroeconomic
B) microeconomic
C) combined macro and micro economic |
|
Definition
| C) combined macro and micro economic |
|
|
Term
30.
The term stake holding refers to a new kind of contract between employers and employees.
A) True
B) False |
|
Definition
|
|
Term
31.
Capitalism today is not the same capitalism born during the industrial revolution.
A) True
B) False |
|
Definition
|
|
Term
32.
Neoconservatism was/is an ideological reaction to the liberal welfare state.
A) True
B) False |
|
Definition
|
|
Term
33.
Neoconservatives are inclined to defend economic inequality as morally justified.
A) True
B) False |
|
Definition
|
|
Term
34.
Neoconservatives are committed to putting full employment at the top of social goals to be supported by public policy.
A) True
B) False |
|
Definition
|
|
Term
35.
Which of the following is not a main theme of neoconservatism?
A) deregulation of the economy
B) centralization of government
C) privatization of public functions
D) national foreign policies
E) cultural conservatism |
|
Definition
| B) centralization of government |
|
|
Term
36.
Neoconservatives argue that collectivization encourages voluntarism as a primary source of funding.
A) True
B) False |
|
Definition
|
|
Term
37.
Neoconservatives have generally been less likely to embrace internationalist prescriptions for world problems.
A) True
B) False |
|
Definition
|
|
Term
38.
Neoconservatives were strong supporters of Détente.
A) True
B) False |
|
Definition
|
|
Term
39.
The uneven distribution of wealth and poverty around the world can be partially blamed on the legacy of colonialism.
A) True
B) False |
|
Definition
|
|
Term
40.
Lasting economic change in the distribution of wealth and poverty will require significant social and political changes.
A) True
B) False |
|
Definition
|
|
Term
41.
The key to poor nations trying to develop their economies in todays world is __________.
A) imitation
B) innovation |
|
Definition
|
|
Term
42.
The prospects of economic development are tied not only to politics but to culture.
A) True
B) False |
|
Definition
|
|
Term
43.
The international institution that provides short-term loans to countries that are trying to repay their debts is the __________.
A) World Bank
B) International Monetary Fund
C) World Trade Organization |
|
Definition
| B) International Monetary Fund |
|
|
Term
44.
The international institution that provides most of its resources for economic development projects is the __________.
A) World Bank
B) International Monetary Fund
C) World Trade Organization |
|
Definition
|
|
Term
45.
The General Agreement on Trade and Tariffs is administered by the World Trade Organization.
A) True
B) False |
|
Definition
|
|
Term
46.
A shortcoming of the World Trade Organization is that it does not have the authority to impose sanctions on nations who violate trade agreements.
A) True
B) False |
|
Definition
|
|
Term
47.
President Richard Nixon closed the gold window in August 1973 because of his fear that the dollar shortage would cause a run on the U. S. gold stock.
A) True
B) False |
|
Definition
|
|
Term
48.
The closing of the gold window in 1973 ended an era of international monetary cooperation that has never again been achieved.
A) True
B) False |
|
Definition
|
|
Term
49.
The globalization of finance relates purely to monetary flows, whereas the globalization of production involves both foreign direst investment as well as international trade.
A) True
B) False |
|
Definition
|
|
Term
50.
The United States is the leading foreign trade oriented economy in the world.
A) True
B) False |
|
Definition
|
|
Term
51.
Which of the following IS NOT one of the causes of globalization discussed in this unit?
A) decreasing transportation costs
B) the internet
C) technological standardization
D) all these are recognized causes |
|
Definition
| D) all these are recognized causes |
|
|
Term
52.
The most dramatic dimension of globalization has been its affect on __________________.
A) financial markets
B) production |
|
Definition
|
|
Term
53.
A strong dollar makes imports cheaper and exports more expensive.
A) True
B) False |
|
Definition
|
|
Term
54.
Globalization has brought with it a decrease in income inequality worldwide.
A) True
B) False |
|
Definition
|
|
Term
55.
One of the economic implications of globalization has been diminished national sovereignty.
A) True
B) False |
|
Definition
|
|
Term
56.
Libertarianism has its roots in American political philosophy and economics.
A) True
B) False |
|
Definition
|
|
Term
57.
Libertarianism implies the least government possible.
A) True
B) False |
|
Definition
|
|
Term
58.
Libertarian thinkers can be found in both the Democratic Party and the Republican Party in the United States.
A) True
B) False |
|
Definition
|
|
Term
59.
J. S. Mills essay On Liberty argued that all human beings should be free to do as they wish so long as they do not harm others in doing it.
A) True
B) False |
|
Definition
|
|
Term
60.
Hayeks The Road to Serfdom is a wake-up call warning against ____________.
A) socialism
B) communism
C) totalitarianism |
|
Definition
|
|
Term
61.
For Ayn Rand, it is the few who should conform to the dictates of the many.
A) True
B) False |
|
Definition
|
|
Term
62.
In his A Monetary History of the United States, Milton Friedman found the cause of the Great Depression to be ______________.
A) speculative fever
B) bad government fiscal policy
C) national monetary mismanagement by the Federal Reserve Board |
|
Definition
| C) national monetary mismanagement by the Federal Reserve Board |
|
|
Term
63.
Friedman believes that inflation is always a monetary phenomenon.
A) True
B) False |
|
Definition
|
|
Term
64.
Who coined the famous term "There is no such thing as a free lunch"?
A) Ayn Rand
B) Friedrich Hayek
C) J. M. Keynes
D) Milton Friedman |
|
Definition
|
|
Term
65.
The first significant political figure with libertarian views in America was _______________.
A) Ronald Regan
B) Barry Goldwater
C) Jimmy Carter |
|
Definition
|
|
Term
66.
During the Industrial Revolution, consumer goods were thought to be more important than capital goods. (capital goods had priority)
A) True
B) False |
|
Definition
|
|
Term
67.
The social costs of the Industrial Revolution were paid for by _____________.
A) capitalists
B) landowners
C) the working class poor |
|
Definition
| C) the working class poor |
|
|
Term
68.
The most abused workers during the Industrial Revolution were the ______________.
A) women
B) children
C) men |
|
Definition
|
|
Term
69.
The birthplace of the Industrial Revolution was London England.
A) True
B) False |
|
Definition
|
|
Term
70.
Our TMES textbook lists four reasons why the Industrial Revolution started in England. Which of the following is not one of these reasons?
A) Englands aristocracy was more commerce-minded than the aristocracies of other nations
B) England was a wealthy trading nation with a well developed middle class
C) England had more abundant natural resources than other nations
D) England was more enthusiastic about science and engineering than other nations
E) England had a relatively open social structure that permitted the rise of entrepreneurs |
|
Definition
| C) England had more abundant natural resources than other nations |
|
|
Term
71.
The Industrial Revolution gave birth to both capitalism and socialism.
A) True
B) False |
|
Definition
|
|
Term
72.
I argued that capitalist commerce exists solely for the purpose of pumping the sweat and blood of the many in order to make the few richer. Who was I?
A) Saint-Simon
B) Godwin
C) Babeuf
D) Hodgskin
E) Proudhon
F) Fourier |
|
Definition
|
|
Term
73.
I argued that the rich oppress the poor through the legal system and that the rational solution was elimination of government, laws, and private property. Who was I?
A) Saint-Simon
B) Godwin
C) Babeuf
D) Hodgskin
E) Proudhon
F) Fourier |
|
Definition
|
|
Term
74.
I believed that government should intervene in production, distribution, and commerce to ensure the welfare of the masses. Who was I?
A) Saint-Simon
B) Godwin
C) Babeuf
D) Hodgskin
E) Proudhon
F) Fourier |
|
Definition
|
|
Term
75.
I was the first free market socialist. My main argument was that capital is really disguised labor. Who was I?
A) Saint-Simon
B) Godwin
C) Babeuf
D) Hodgskin
E) Proudhon
F) Fourier |
|
Definition
|
|
Term
76.
I argued that one-third of the people in society do socially useful work and two-thirds do not. Who was I?
A) Saint-Simon
B) Godwin
C) Babeuf
D) Hodgskin
E) Proudhon
F) Fourier |
|
Definition
|
|
Term
77.
I declared that private property is theft, and should be abolished. Who was I?
A) Saint-Simon
B) Godwin
C) Babeuf
D) Hodgskin
E) Proudhon
F) Fourier |
|
Definition
|
|
Term
78.
Capitalist ideas were the animating force behind most of the growth in government throughout the world in the 20th Century.
A) True
B) False |
|
Definition
|
|
Term
79.
Collective ownership of the means of production has been the dominant socialist theme throughout much of history.
A) True
B) False |
|
Definition
|
|
Term
80.
Both socialism and capitalism derive their philosophical basis in large part from Locke's Theory of Property.
A) True
B) False |
|
Definition
|
|
Term
81.
Preserving the unity of work and ownership is a goal shared by both capitalism and socialism.
A) True
B) False |
|
Definition
|
|
Term
82.
The founder of British socialism was ______________.
A) John Locke
B) Robert Owe
n |
|
Definition
|
|
Term
83.
Robert Owen's claim that human nature is universally plastic means that humans can be molded by ____________.
A) the environment
B) education
C) both |
|
Definition
|
|
Term
84.
Socialism was/is basically __________________ movement.
A) an authoritarian
B) a democratic |
|
Definition
|
|
Term
85.
The political leaders of early British socialism were atheists.
A) True
B) False |
|
Definition
|
|
Term
86.
The form of British socialism that was a revolt against the squalor, drabness, and poverty of life under industrial capitalism is known as _______________.
A) Fabian Socialism
B) Christian Socialism
C) Ethical Idealism |
|
Definition
|
|
Term
87.
The socialist group in Great Britain that took their name from a famous Roman general was the ______________.
A) Fabian Society
B) Christian Society
C) Ethical Society |
|
Definition
|
|
Term
88.
The Fabians were supporters of revolutionary socialism.
A) True
B) False |
|
Definition
|
|
Term
89.
The Fabians worked to influence only a small group of influential people.
A) True
B) False |
|
Definition
|
|
Term
90.
As we move into the 21st Century, socialists have found that the only viable alternative to capitalism is _______________.
A) nationalization
B) socialization
C) collectivization |
|
Definition
|
|
Term
91.
Today, about _______________ of humanity are under communist control.
A) one-third
B) one-fifth
C) one-fourth |
|
Definition
|
|
Term
92.
Even though communism as an ideology is on the wane, it will probably continue to play a significant role in world politics for decades.
A) True
B) False |
|
Definition
|
|
Term
93.
Karl Marx sought a political interpretation of history.
A) True
B) False |
|
Definition
|
|
Term
94.
Marx called the foundation of society the ______________.
A) superstructure
B) substructure |
|
Definition
|
|
Term
95.
For Marx, culture, law and government are elements of societys ________________.
A) superstructure
B) substructure |
|
Definition
|
|
Term
96.
Marx believed that consciousness determines social existence.
A) True
B) False |
|
Definition
|
|
Term
97.
Marx called societys relation to technological and scientific knowledge the _______________.
A) relations of production
B) forces of production |
|
Definition
|
|
Term
98.
Marx called the interpersonal aspects of the productive process the ______________.
A) relations of production
B) forces of production |
|
Definition
| A) relations of production |
|
|
Term
99.
Marx believed that capitalism prevented full employment of technological resources.
A) True
B) False |
|
Definition
|
|
Term
100.
Marx argued that capitalism alienates people from their work.
A) True
B) False |
|
Definition
|
|
Term
101.
For Marx, the most visible symbol of alienation under capitalism was ______________.
A) Machines
B) factories
C) money |
|
Definition
|
|
Term
102.
Marx coined the terms "capitalism" and "capitalist".
A) True
B) False |
|
Definition
|
|
Term
103.
Marxs famous critique of capitalism was ________________.
A) The Communist Manifesto
B) Das Kapital |
|
Definition
|
|
Term
104.
Karl Marx accurately predicted that the first communist revolution would occur in Russia.
A) True
B) False |
|
Definition
|
|
Term
105.
The term "proletariat" was coined by ________.
A) Marx
B) Lenin
C) Stalin |
|
Definition
|
|
Term
106.
Lenin believed in the primacy of politics over economics.
A) True
B) False |
|
Definition
|
|
Term
107.
Lenins concept of dictatorship meant the dictatorship of the communist party over the __________.
A) proletariat
B) capitalists |
|
Definition
|
|
Term
108.
The Russian Revolution of March 1917 was a ____________ revolution.
A) totalitarian
B) democratic
C) communist |
|
Definition
|
|
Term
109.
Lenin and his followers called themselves communists.
A) True
B) False |
|
Definition
|
|
Term
110.
The man who ruled the Soviet Union the longest was ____________.
A) Lenin
B) Stalin
C) Khrushchev
D) Brezhnev |
|
Definition
|
|
Term
111.
Gorbachevs policy of openness to the west was known as ____________.
A) perestroika
B) glasnost |
|
Definition
|
|
Term
112.
Gorbachevs restructuring of the economy was known as _______________.
A) perestroika
B) glasnost |
|
Definition
|
|
Term
113.
Gorbachev won the Nobel Prize for __________ in 1990.
A) Economics
B) Peace |
|
Definition
|
|
Term
114.
The Peoples Republic of China is the most important communist state in the world today.
A) True
B) False |
|
Definition
|
|
Term
The Chinese Communist Party was founded in ___________.
A) 1921
B) 1938
C) 1949 |
|
Definition
|
|
Term
116.
The Chinese Communist Revolution occurred in ____________.
A) 1921
B) 1938
C) 1949 |
|
Definition
|
|
Term
117.
In 1958, Mao Zedong initiated a plan that called for decentralized decision-making, agricultural communes, cheap labor instead of expensive technology, and self-reliance rather than dependence on foreigners. This plan was known as ________.
A) The Cultural Revolution
B) The Great Leap Forward
C) The Four Modernizations |
|
Definition
| B) The Great Leap Forward |
|
|
Term
118.
In 1966, Mao introduced a new plan aimed at transforming all major sectors of society. This plan was known as ________.
A) The Cultural Revolution
B) The Great Leap Forward
C) The Four Modernizations |
|
Definition
| A) The Cultural Revolution |
|
|
Term
119.
In 1978, Deng Xiapong announced a new plan to overhaul industry, agriculture, science, and national defense. This plan was known as ______________.
A) The Cultural Revolution
B) The Great Leap Forward
C) The Four Modernizations |
|
Definition
| C) The Four Modernizations |
|
|
Term
120.
Many of the younger generation in China today are calling for a fifth modernization they desire __________________.
A) more economic power
B) greater democracy |
|
Definition
|
|
Term
121.
Fascism was the first major 20th Century revolutionary totalitarian ideology to seek global domination.
A) True
B) False |
|
Definition
|
|
Term
122.
Which of the following has not been a fascist state at any point in its history?
A) Russia
B) Germany
C) Italy
D) Argentina
E) Spain
F) Japan |
|
Definition
|
|
Term
123.
Those states in which fascism flourished were typically ____________.
A) poorer and undeveloped
B) wealthier and more advanced |
|
Definition
| B) wealthier and more advanced |
|
|
Term
124.
Which one of the following societal groups did fascism not appeal to?
A) wealthy industrialists
B) wealthy landowners
C) white-collar workers
D) blue-collar workers
E) the military |
|
Definition
|
|
Term
125.
Fascism appeals to submissive people that like to be dominated.
A) True
B) False |
|
Definition
|
|
Term
126.
Fascism appeals to those inclined to think rationally.
A) True
B) False |
|
Definition
|
|
Term
127.
The Nazis viewed women as superior human beings.
A) True
B) False |
|
Definition
|
|
Term
128.
Fascist ideology is inconsistent with international law and order
A) True
B) False |
|
Definition
|
|
Term
129.
The term used to describe fascist economics is __________
A) the corporate state
B) the German Volk |
|
Definition
|
|
Term
130.
The objective of the corporate state was to promote the ______________.
A) power of the state
B) welfare of the individual |
|
Definition
|
|
Term
131.
The economic legacy of the corporate state was ____________.
A) wealth and empire
B) poverty and destitution |
|
Definition
| B) poverty and destitution |
|
|
Term
132.
Much of the economic ruin of Germany and Italy after World War II was ultimately paid for by the ______________.
A) citizens of Europe
B) citizens of the United States |
|
Definition
| B) citizens of the United States |
|
|
