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1. In _____ countries, a single authoritarian party usually controls the political system, and the government owns most property and directs the majority of economic activity.
A.) mercantilist B.)feudal
C.) socialist =D.)communist
2. Britain's _____ is an example of a democratic socialist political party.
A.)Communist Party B.)Republican Party
=C.)Labor Party D.)Tory Party
3. In a welfare state, the government _____.
A.)avoids all intervention in the economy =B.)provides a number of social services to its citizens
C.)controls all property and directs all economic activity D.)promotes foreign exports in order to accumulate precious metals
4.The United States is characterized as a _____ because its economy is based on free enterprise but the government also interferes with and regulates the economy in many ways.
=A.)mixed economy B.)pure free-market economy C.)socialist economy D.)mercantilist economy
5.A _____ is a tax on goods imported from another country.
A.)service B.)sales tax C.)property tax =D.)tariff
6.The ____ refers to President Franklin Roosevelt's economic program to increase the government's role in the economy.
A.)Great Depression B.)business cycle
=C.)New Deal D.)North American Free Trade Agreement
7.The term, _____, refers to Adam Smith's contention that if all individuals in a free-market economy pursue their own self-interest, they will end up promoting the interests of society at large.
A.)division of labor B.)opportunity cost
=C.)invisible hand D.)comparative advantage
8.The term, _____ , refers to the potential benefit a person gives up when he or she decides to do one thing instead of another.
A.)comparative advantage =B.)opportunity cost C.)invisible hand D.)absolute advantage
9.France produces cheese more efficiently than it produces cars, but it produces both cheese and cars more efficiently than the U.S. does. France therefore has a(n) _____ in the production of cars compared to the U.S.
A.)opportunity cost B.)absolute advantage =C.)comparative advantage D.)absolute advantage and a comparative advantage
10.According Marxist theory, the purpose of the dictatorship of the proletariat is to prepare society for the final phase of history, _____.
A.)communism B.)socialism C.)capitalism =D.)feudalism