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ECON 120 exam #3
power, authority, and exchange
132
Economics
Undergraduate 1
05/10/2011

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Cards

Term
1.
Great Britian took the lead in designing the postwar institutions that would mold interntional economic relations.
A) True
B) False
Definition
A) True
Term
2.
The chairperson of the Bretton Woods Conference was _______________.
A) George Marshall
B) Harry Truman
C) John Maynard Keynes
Definition
C) John Maynard Keynes
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
A) World Bank
Term
5.
The Bretton Woods Agreement fixed the value of world currienceis to an ounce of gold.
A) True
B) False
Definition
B) False
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
C) Marshall Plan
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
B) enhance productivity
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
A) stabilization policy
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
B) Lyndon B. Johnson
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
D) inflation
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
B) Vietnam Wa
r
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
C) stagflation
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
D) all of these
Term
16.
America currently has the most equitable distribution of wealth of any nation in the world.
A) True
B) False
Definition
B) False
Term
17.
Capitalism developed historically as part of the movement or philosophy of ___________.
A) utilitarianism
B) individualism
Definition
B) individualism
Term
18.
Capitalism was born, and its early development occurred in ______________.
A) France
B) America
C) Germany
D) Great Britain
Definition
D) Great Britain
Term
19.
Another name for the free interplay between buyers and sellers is ________________.
A) specialization
B) freedom of contract
C) competition
Definition
C) competition
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
A) True
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
C) mixed economy
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
B) False
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
B) outcomes
Term
28.
Analysis concerns itself mainly with ___________.
A) processes
B) outcomes
Definition
A) processes
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
A) True
Term
31.
Capitalism today is not the same capitalism born during the industrial revolution.
A) True
B) False
Definition
A) True
Term
32.
Neoconservatism was/is an ideological reaction to the liberal welfare state.
A) True
B) False
Definition
A) True
Term
33.
Neoconservatives are inclined to defend economic inequality as morally justified.
A) True
B) False
Definition
A) True
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
B) False
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
B) False
Term
37.
Neoconservatives have generally been less likely to embrace internationalist prescriptions for world problems.
A) True
B) False
Definition
A) True
Term
38.
Neoconservatives were strong supporters of D├ętente.
A) True
B) False
Definition
B) False
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
A) True
Term
40.
Lasting economic change in the distribution of wealth and poverty will require significant social and political changes.
A) True
B) False
Definition
A) True
Term
41.
The key to poor nations trying to develop their economies in todays world is __________.
A) imitation
B) innovation
Definition
A) imitation
Term
42.
The prospects of economic development are tied not only to politics but to culture.
A) True
B) False
Definition
A) True
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
A) World Bank
Term
45.
The General Agreement on Trade and Tariffs is administered by the World Trade Organization.
A) True
B) False
Definition
A) True
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
A) True
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
B) False
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
A) True
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
A) True
Term
50.
The United States is the leading foreign trade oriented economy in the world.
A) True
B) False
Definition
B) False
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
A) financial markets
Term
53.
A strong dollar makes imports cheaper and exports more expensive.
A) True
B) False
Definition
A) True
Term
54.
Globalization has brought with it a decrease in income inequality worldwide.
A) True
B) False
Definition
B) False
Term
55.
One of the economic implications of globalization has been diminished national sovereignty.
A) True
B) False
Definition
B) False
Term
56.
Libertarianism has its roots in American political philosophy and economics.
A) True
B) False
Definition
B) False
Term
57.
Libertarianism implies the least government possible.
A) True
B) False
Definition
A) True
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
A) True
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
B) False
Term
60.
Hayeks The Road to Serfdom is a wake-up call warning against ____________.
A) socialism
B) communism
C) totalitarianism
Definition
C) totalitarianism
Term
61.
For Ayn Rand, it is the few who should conform to the dictates of the many.
A) True
B) False
Definition
B) False
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
A) True
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
D) Milton Friedman
Term
65.
The first significant political figure with libertarian views in America was _______________.
A) Ronald Regan
B) Barry Goldwater
C) Jimmy Carter
Definition
B) Barry Goldwater
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
B) False
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
B) children
Term
69.
The birthplace of the Industrial Revolution was London England.
A) True
B) False
Definition
B) False
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
A) True
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
C) Babeuf
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
B) Godwin
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
A) Saint-Simon
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
D) Hodgskin
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
F) Fourier
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
E) Proudhon
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
B) False
Term
79.
Collective ownership of the means of production has been the dominant socialist theme throughout much of history.
A) True
B) False
Definition
B) False
Term
80.
Both socialism and capitalism derive their philosophical basis in large part from Locke's Theory of Property.
A) True
B) False
Definition
A) True
Term
81.
Preserving the unity of work and ownership is a goal shared by both capitalism and socialism.
A) True
B) False
Definition
A) True
Term
82.
The founder of British socialism was ______________.
A) John Locke
B) Robert Owe
n
Definition
B) Robert Owen
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
B) education
Term
84.
Socialism was/is basically __________________ movement.
A) an authoritarian
B) a democratic
Definition
B) a democratic
Term
85.
The political leaders of early British socialism were atheists.
A) True
B) False
Definition
B) False
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
C) Ethical Idealism
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
A) Fabian Society
Term
88.
The Fabians were supporters of revolutionary socialism.
A) True
B) False
Definition
B) False
Term
89.
The Fabians worked to influence only a small group of influential people.
A) True
B) False
Definition
A) True
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
B) socialization
Term
91.
Today, about _______________ of humanity are under communist control.
A) one-third
B) one-fifth
C) one-fourth
Definition
B) one-fifth
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
A) True
Term
93.
Karl Marx sought a political interpretation of history.
A) True
B) False
Definition
B) False
Term
94.
Marx called the foundation of society the ______________.
A) superstructure
B) substructure
Definition
B) substructure
Term
95.
For Marx, culture, law and government are elements of societys ________________.
A) superstructure
B) substructure
Definition
A) superstructure
Term
96.
Marx believed that consciousness determines social existence.
A) True
B) False
Definition
B) False
Term
97.
Marx called societys relation to technological and scientific knowledge the _______________.
A) relations of production
B) forces of production
Definition
B) forces of production
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
A) True
Term
100.
Marx argued that capitalism alienates people from their work.
A) True
B) False
Definition
A) True
Term
101.
For Marx, the most visible symbol of alienation under capitalism was ______________.
A) Machines
B) factories
C) money
Definition
C) money
Term
102.
Marx coined the terms "capitalism" and "capitalist".
A) True
B) False
Definition
A) True
Term
103.
Marxs famous critique of capitalism was ________________.
A) The Communist Manifesto
B) Das Kapital
Definition
B) Das Kapital
Term
104.
Karl Marx accurately predicted that the first communist revolution would occur in Russia.
A) True
B) False
Definition
B) False
Term
105.
The term "proletariat" was coined by ________.
A) Marx
B) Lenin
C) Stalin
Definition
A) Marx
Term
106.
Lenin believed in the primacy of politics over economics.
A) True
B) False
Definition
A) True
Term
107.
Lenins concept of dictatorship meant the dictatorship of the communist party over the __________.
A) proletariat
B) capitalists
Definition
A) proletariat
Term
108.
The Russian Revolution of March 1917 was a ____________ revolution.
A) totalitarian
B) democratic
C) communist
Definition
B) democratic
Term
109.
Lenin and his followers called themselves communists.
A) True
B) False
Definition
B) False
Term
110.
The man who ruled the Soviet Union the longest was ____________.
A) Lenin
B) Stalin
C) Khrushchev
D) Brezhnev
Definition
B) Stalin
Term
111.
Gorbachevs policy of openness to the west was known as ____________.
A) perestroika
B) glasnost
Definition
B) glasnost
Term
112.
Gorbachevs restructuring of the economy was known as _______________.
A) perestroika
B) glasnost
Definition
A) perestroika
Term
113.
Gorbachev won the Nobel Prize for __________ in 1990.
A) Economics
B) Peace
Definition
B) Peace
Term
114.
The Peoples Republic of China is the most important communist state in the world today.
A) True
B) False
Definition
A) True
Term
The Chinese Communist Party was founded in ___________.
A) 1921
B) 1938
C) 1949
Definition
A) 1921
Term
116.
The Chinese Communist Revolution occurred in ____________.
A) 1921
B) 1938
C) 1949
Definition
C) 1949
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
B) greater democracy
Term
121.
Fascism was the first major 20th Century revolutionary totalitarian ideology to seek global domination.
A) True
B) False
Definition
A) True
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
A) Russia
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
D) blue-collar workers
Term
125.
Fascism appeals to submissive people that like to be dominated.
A) True
B) False
Definition
A) True
Term
126.
Fascism appeals to those inclined to think rationally.
A) True
B) False
Definition
B) False
Term
127.
The Nazis viewed women as superior human beings.
A) True
B) False
Definition
B) False
Term
128.
Fascist ideology is inconsistent with international law and order
A) True
B) False
Definition
A) True
Term
129.
The term used to describe fascist economics is __________
A) the corporate state
B) the German Volk
Definition
A) the corporate state
Term
130.
The objective of the corporate state was to promote the ______________.
A) power of the state
B) welfare of the individual
Definition
A) power of the state
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
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