Quiz Economic Systems

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Economic Systems Quiz

The following is a quiz on Economic Systems such as traditional economy, barter, manorialism, mercantilism, capitalism, communism, command economy, laissez faire capitalism, and mixed economy.

Take this quiz as often as you would like and print out a successful quiz for extra credit.

The Quiz to be submitted is: Quiz #18 - Economic Systems

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1. One way in which Vladimir Lenin's New Economic Policy and Mikhail Gorbachev's policy of perestroika are similar is that both

allowed elements of capitalism within a communist economic system
strengthened their country's military defenses
supported censorship of news and of personal correspondence
increased tensions during the Cold War

2. The term "mercantilism" is defined as an economic system in which

prices are determined by the laws of supply and demand
colonies exist for the benefit of the colonial power
factors of production are owned by the government
the proletariat benefit at the expense of the bourgeoisie

3. The Bolshevik Revolution of 1917 was a major turning point in history because

Russia became the first nation with a Communist economic system
it was the last revolution in the 20th century
Russia ceased to be an important force in world affairs
the royal family was exiled to Mexico

4. The goal of Mao Zedong's policy known as the Great Leap Forward was to

develop foreign export industries in China's coastal urban centers
eliminate state-owned industries in rural China
modernize China's economic system by dividing China into communes
introduce capitalism to the Chinese economy

5. The main features of a capitalistic economic system are

powerful labor unions and fixed prices
export quotas and state ownership of basic industries
private ownership and the profit motive
central planning by government and full employment

6. One similarity between Mao Zedong and Fidel Castro is that they

achieved their goals through the use of peaceful resistance
worked to protect citizens' rights to freedom of expression
considered Capitalism to be the best economic system
led revolutionary movements that established Communist governments

7. In the 1800's, a major cause of European imperialism was the

desire to establish democratic governments throughout the world
emergence of Marxism as an economic system
desire for cheap raw materials and expanded markets
religious conflict between European nations

8. Which feature would most likely be included in an economic system based on traditional agriculture and self-sufficiency?

gold standard

9. Between 1300 and 1600, which economic system began to develop as a result of the transformation in global trade?


10. What did Karl Marx and Friedrich Engels believe would be the result when communism finally emerged as the dominant political and economic system?

Only two classes would exist in society.
All the evils of industrial society would disappear.
The Soviet Union would become the world's only superpower.
Citizens would own their individual homes and farms.

11. A major result of the Industrial Revolution in Western Europe was that

the middle class increased in number and in power
the population in cities declined
traditional attitudes and values were strengthened
mercantilism replaced capitalism as the dominant economic system

12. Since the collapse of the Soviet Union in the early 1990s, Russia has attempted to build an economic system based on

a return to feudalism
the ideas of Marx and Lenin
the writings of Mao Zedong
a free-market system

13. Which statement best explains China's economic shift toward capitalism in the 1980s and early 1990s?

China's economic policies were directly influenced by the success of the Soviet economic system.
The Tiananmen Square massacre resulted in major economic reforms in China.
The success of the Cultural Revolution resulted in the increased westernization of China.
communist economic policies were not meeting the needs of the society.

14. One reason for the collapse of the Communist economic system in Eastern Europe during the early 1990s was that this system

lacked adequate incentives to maintain high productivity
used the principles of mercantilism
encouraged laissez-faire practices and policies
relied on the outdated law of supply and demand

15. Which economic system existed in Europe during the early Middle Ages?

free market

16. "Germany Will Make Reparations For WWI" "OPEC Supports Oil Embargo Against Western Nations" "UN Imposes Sanctions on Iraq"

Which conclusion can be drawn from these headlines?

Economic measures are often designed to achieve political goals.
Communism as an economic system has failed.
Economic policies are often formulated to encourage investment.
Nationalism plays a small role in economic decision making.

17. A major goal of the conquistadors in Latin America was to

establish religious freedom
promote democracy
increase the wealth of Spain
introduce a laissez-faire economic system

18. The purpose of colonies is to ship raw materials to the colonial power and buy finished goods from the colonial power.

This statement reflects the basic idea of which economic system?


19. In a traditional economic system, which type of goods is most often produced?

agricultural products
heavy industrial machinery
military supplies
electronics and computers

20. Which type of economic system was used by both Joseph Stalin and Mao Zedong to accelerate the economic growth of their respective nations?


21. Base your answer to the following question on the statements below and on your knowledge of social studies.

Statement A: The might of a country consists of gaining surpluses of gold and silver.

Statement B: A nation's strength is found in economic independence and the maintenance of a favorable balance of trade.

Statement C: We need to gain colonies both as sources for raw materials and as markets for our manufactured goods.

Which economic system is being described by these statements?


22. _____________________________________________________________

  • Reunification of East and West Germany
  • Restructuring of the economy of the former Soviet Union
  • Eastern Europe's extensive political changes


Which is a valid conclusion that can be drawn from a study of these events of the late 1980s and early 1990s?

The former Soviet Union succeeded in isolating its satellites from Western influences.
The United Nations forced Communist leaders to accept changes.
Communist leaders used new strategies to win the cold war.
Communism did not succeed as a workable political and economic system in Europe.

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