Test 7 (Essay Questions)

Question 1

Outline & explain how third-parties work in American politics (key impetus, challenges, & examples).

Answer 1

Key impetus
Popular candidate: Which neither party nominates
Popular policy: Which neither party adopts
Key challenges
Limited ballot access
Limited media coverage
Limited campaign funding
Major party absorption/obstruction
Key Examples
Libertarian: Centrist
Green: Left
Constitution: Right

Question 2

Outline & explain the key principles & criticisms of capitalism.

Answer 2

Key Principles
Free market
Low taxes
Limited regulations
Essential services
Competition: Based on supply and demand
Self-interest: Incentivizing risk with potential profit
Key Criticisms
Wealth disparity
Worker exploitation: Low wages/unsafe conditions
Monopolies/trusts: Sole source of a good/service
Environmental damage
Inadequate social programs

Question 3

Outline & explain the key principles & criticisms of socialism.

Answer 3

Key principles
Centralized planning: Production/pricing of goods
Cooperation
Community-interest: Comprehensive social programs
Key criticisms
Decreased freedom
Decreased incentive
Decreased prosperity