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Econ Chapter 6 Quiz

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1. Communism




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2. Five-point program associated with Mercantilism:




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3. State capitalism




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4. What was the root problem associated with Mercantilism?




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5. What was the lengthy book written by Adam Smith




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6. Domestic manufacturing Associated with mercantilism.




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7. Welfare state




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8. Exploration associated with Mercantilism




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9. Privatization




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10. Centralized socialism




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11. Who owns the nation's factors of production? Who answers the three economic questions?




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12. Arranged all foreign relationships in a way that minimized competition.




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13. "let alone"




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14. Goods that benefit nearly the entire nation.




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15. When a nation sells more goods than it buys.




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16. Promoted the acquisition of precious metals, not as the means to an end but as the end itself.




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17. A traditional economic system bridging the gap between capitalism and socialism




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18. The form of capitalism that accepts the existence of government but allows it only minimal ownership of resources and decision making power to perform its responsibilities. (Form of capitalism in the writings of Adam Smith)




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19. Encouraged the colonization of new teritories to acquire new supplies of the factors of production that would then be used to produce goods that other nations could not produce.




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20. Increase exportation of goods and services while decreasing importation of foreign goods; Strived for a favorable balance in trade.





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