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Markets
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Determine how much is produced and what price goods will sell for.
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Which of the following led to the formation of Capitalism?
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-a shortage of labor led Lords to rent land to peasants rather than taking a portion or farm production from the serfs-factories were built the because the "putting out" system was unsuccessful -mercantilism or trade between nations for an individual profit led to the entrepreneurial spirit-the basis for capitalism.
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Under Feudalism
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Serfs and their offspring belonged to the Feudal Manor and thus, the Lord
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Adam Smith is considered a ________ while Marx is considered a __________ and Keynes is considered a ___________.
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Conservative, Radical, and Liberal
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Today Japan, Hong Kong and the United States are considered
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Market Oriented economies
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By the end of the 18th and 19th centuries, landlords fenced in nearly all of the "common land" thereby taking away the peasant's right to use this land for farming or grazing. This process is known as
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Enclosures
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Adam Smith believed all of the following EXCEPT
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The government should play a large role in the functioning of economic systems
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The distinguishing feature of a slave economy is:
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human beings as private property
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The payment to laborers include
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Wages and salaries
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Today China is considered a
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Command Oriented economy
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Which philosophy believed that labor is exploited under a capitalist regime?
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Karl Marx
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The payment to land owners include
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rent
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Socialist economies differ from capitalist economies in that under socialism:
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there is public ownership of the means of production
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The Public sector refers to
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refers to economic activities of government.
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Under Primitive Communalism
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Tribes worked together to ensure the subsistence of all members
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This scholar wrote that the most pressing concern of the economy during the 1920s and 1930s was the lack of aggregate demand caused by unemployment:
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John Maynard Keynes
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Which of the following is NOT one of Keynes' three prescriptions for economic crisis?
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raising taxes to balance the budget
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What is the governments role in the economy?
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Making and enforcing the laws
Regulating business
Providing certain goods and services such as national defense
Levying taxes to pay for these goods and services
Redistributing income
Regulating business
Providing certain goods and services such as national defense
Levying taxes to pay for these goods and services
Redistributing income
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The socialist idea is
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-to force the distribution of income to be more equal by overriding the decisions of the market. - in Sweden, which borrowed many ideas from socialism when it established its generous social welfare system, incomes are more equally distributed than those in the United States.
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progressive taxation
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-A tax is progressive if the ratio of taxes to income rises as income rises.
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transfer payments
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-transfer payments are sums of money that certain individuals receive as outright grants from the government rather than as payments for services rendered.
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