Chapter 14: Politics and Prosperity Vocab

Question 1

Communism

Answer 1

official ideology of the Soviet Union, characterized there by complete government ownership of land and property, single-party control over the government, the lack of individual rights, and the call for worldwide revolution

Question 2

Red Scare

Answer 2

intense fear of communism and other politically radical ideas

Question 3

Isolationism

Answer 3

policy of avoiding political or economic alliances with foreign countries

Question 4

Disarmament

Answer 4

program in which the nations of the world voluntarily give up their weapons

Question 5

Quota

Answer 5

a numerical limit

Question 6

Teapot Dome Scandal

Answer 6

scandal during the Harding administration involving the granting of oil-drilling rights on government land in return for money

Question 7

Kellogg-Briand Pact

Answer 7

agreement signed in which nations agreed not to pose the threat of war against one another

Question 8

Consumer Economy

Answer 8

an economy that depends on a large amount of spending customers

Question 9

Installment Plan

Answer 9

a payment plan that allows customers to make payments at set intervals over a period of time until the total debt is paid

Question 10

Gross National Product (GNP)

Answer 10

total annual value of goods and services a country produces

Question 11

Assembly Line

Answer 11

manufacturing process in which each worker does one specialized task in the construction of the final product

Question 12

Welfare Capitalism

Answer 12

an approach to labor relations in which companies meet some of their workers’ needs without prompting by unions, thus preventing strikes and keeping productivity high

Question 13

Speculation

Answer 13

the practice of making high-risk investments in hopes of getting a huge return

Question 14

Buying on Margin

Answer 14

an option that allowed investors to purchase a stock for only a fraction of its price and borrow the rest