Test 6 - ISMs and OPOLYs

Question 1

Which ism advocates the stockpiling of gold and silver in the state’s treasury?

Answer 1

Mercantilism

Question 2

Which ism is based upon public and governmental control of the production and distribution of nearly all national resources?

Answer 2

Communism

Question 3

Which ism regards the entire world as one giant community that should be unified politically and economically?

Answer 3

globalism

Question 4

Which ism advocates massive public spending during recessions?

Answer 4

Keynesianism

Question 5

Which ism can seep into an economy without the majority of people realizing that their foundational freedoms are being dissolved away?

Answer 5

Socialism

Question 6

What type of market model is dominated by only a few firms?

Answer 6

oligopoly

Question 7

What type of market model provides differentiated products?

Answer 7

Monopolistic competition

Question 8

What type of market model results in firms that are price takers?

Answer 8

Perfect Competition

Question 9

What type of market model results when there is only one supplier of a good for which there is not substitute?

Answer 9

monopoly

Question 10

What type of monopoly is a copyright on a novel?

Answer 10

legal

Question 11

What are the basic components of capitalism?

Answer 11

Limited Government
Freedom of Enterprise
Competition
Property Rights