Abeka Economics Chapters 10, 11, 12

What is the primary aim of government according to the document?

• To punish evil and reward good

• To increase taxes

• To control all businesses

• To eliminate poverty

Which economic system is based on government control of national resources?

• Socialism

• Capitalism

• Feudalism

• Mercantilism

What is the belief that a society's economic problems can be solved by government intervention called?

• Keynesianism

• Laissez-faire

• Monetarism

• Anarchism

What is capitalism described as in the document?

• An economic system that allows for political freedom

• A system of complete government control

• A method of wealth redistribution

• A form of socialism

What is the economic term for when demand exceeds supply?

• Demand-pull inflation

• Cost-push inflation

• Deflation

• Stagflation

What does GDP stand for?

• Gross Domestic Product

• General Domestic Product

• Global Domestic Product

• Gross Development Product

What was a major goal of the command economy?

• Encouraging private property

• Promoting free market competition

• Confiscating private property

• Reducing government control

After the Bolshevik Revolution, what happened to much of the world's population?

• They gained more economic freedom

• They came under domination of governments

• They experienced a free market boom

• They saw a decrease in government control

Who is considered the founder of communism according to the document?

• Adam Smith

• John Maynard Keynes

• Karl Marx

• Milton Friedman

What did Karl Marx predict about the bourgeois and proletariat?

• The bourgeois would remain in power

• The proletariat would overthrow the bourgeois

• The bourgeois would overthrow the proletariat

• Both classes would merge peacefully