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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.
{{#professor:Quiz #18 - Economic Systems}}
<quiz>
{
One way in which Vladimir Lenin's New Economic Policy and Mikhail Gorbachev's policy of perestroika are similar is that both
|type="[]"}
+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

{
The term "mercantilism" is defined as an economic system in which
|type="[]"}
-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

{
The Bolshevik Revolution of 1917 was a major turning point in history because
|type="[]"}
+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

{
The goal of Mao Zedong's policy known as the Great Leap Forward was to
|type="[]"}
-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

{
The main features of a capitalistic economic system are
|type="[]"}
-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

{
One similarity between Mao Zedong and Fidel Castro is that they
|type="[]"}
-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

{
In the 1800's, a major cause of European imperialism was the
|type="[]"}
-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

{
Which feature would most likely be included in an economic system based on traditional agriculture and self-sufficiency?
|type="[]"}
-banks
+barter
-gold standard
-tariffs

{
Between 1300 and 1600, which economic system began to develop as a result of the transformation in global trade?
|type="[]"}
-socialism
+capitalism
-communism
-manorialism

{
What did Karl Marx and Friedrich Engels believe would be the result when communism finally emerged as the dominant political and economic system?
|type="[]"}
-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.

{
A major result of the Industrial Revolution in Western Europe was that
|type="[]"}
+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

{
Since the collapse of the Soviet Union in the early 1990s, Russia has attempted to build an economic system based on
|type="[]"}
-a return to feudalism
-the ideas of Marx and Lenin
-the writings of Mao Zedong
+a free-market system

{
Which statement best explains China's economic shift toward capitalism in the 1980s and early 1990s?
|type="[]"}
-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.

{
One reason for the collapse of the Communist economic system in Eastern Europe during the early 1990s was that this system
|type="[]"}
+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

{
Which economic system existed in Europe during the early Middle Ages?
|type="[]"}
-free market
-socialism
+manorialism
-command

{
"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?
|type="[]"}
+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.

{
A major goal of the conquistadors in Latin America was to
|type="[]"}
-establish religious freedom
-promote democracy
+increase the wealth of Spain
-introduce a laissez-faire economic system

{
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?
|type="[]"}
-socialism
-communism
+mercantilism
-capitalism

{
In a traditional economic system, which type of goods is most often produced?
|type="[]"}
+agricultural products
-heavy industrial machinery
-military supplies
-electronics and computers

{
Which type of economic system was used by both Joseph Stalin and Mao Zedong to accelerate the economic growth of their respective nations?
|type="[]"}
-mixed
-market
+command
-traditional

{
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?
|type="[]"}
-traditional
-feudalism
-command
+mercantilisn

{
_____________________________________________________________

*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?
|type="[]"}
-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.

</quiz>

Quiz Economic Systems - Revision history

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