Macroeconomics Quiz #2

Front 1

system in which all factors of production are controlled by the government in an effort to equally distribute wealth

Back 1

communism

Front 2

founders of communism

Back 2

Karl Marx and Friedrich Engels

Front 3

most well-known founder of communism

Back 3

Karl Marx

Front 4

Karl Marx was what ethnicity?

Back 4

German

Front 5

3 stages of Communism:
1 - ______ Revolution (Coup D'Etat) - killing everyone in charge
2- Dictatorship of the __________ - small group of people teach everyone how great communism is
3- _________ Society - Government disappears, No country ever got to this stage.

Back 5

Bloody, Proletariat, Classless

Front 6

The stage of communism that consists of killing everyone in charge

Back 6

Bloody Revolution (Coup D'Etat)

Front 7

The stage of communism where the small group of people teach everyone how great communism is. This stage can last a long time, so eventually all social classes disappear.

Back 7

Dictatorship of the Proletariat

Front 8

The stage of communism where there are none too rich, none too poor, people wear same clothing; government disappears

Back 8

Classless Society

Front 9

Famous Quote from the Communist Manifesto

Back 9

"Working men of the world unite!"

Front 10

The Communist Manifesto is a book written by _____ & _______. It detailed the ____ vs. _______.

Back 10

Marx, Engels, Proletariat, Bourgeoisie

Front 11

the working class (communism)

Back 11

proletariat

Front 12

the factory owners (communism)

Back 12

bourgeoisie

Front 13

a multi-volume book about Communism written by Marx as a response to Wealth of Nations

Back 13

Das Kapital (In German) -> Capital

Front 14

Das Kapital was a 3 volume book. ____ finished volume 1 (1867), but died while Vols. ___ (1885) and ___ (1894) were in draft form. They were finished by _______. Volume 1 is considered the most important because it was all _____, while volume 3 is almost all _____.

Back 14

Marx, 2, 3, Engels, Marx, Engels

Front 15

Some of the problems with Communism are: ________ of goods (especially essentials). Government planning, not _____, determined what was produced, and most of these plans were really bad. There was trouble with _____ & ______. Government _____ kept most of the wealth for themselves. Lack of a profit motive encourages _______. Limited personal _______.

Back 15

Shortages, markets, starvation, famine, bureaucrats, inefficiency, freedoms

Front 16

system in which the government runs all important industries, but individuals may own less important business

Back 16

socialism

Front 17

Socialism acknowledges the benefit of ______ (wealth, creation) but believes the government should help distribute wealth more equally. They wanted to have a wealth _______.

Back 17

capitalism, redistribution

Front 18

Some of the problems with socialism: high _______, ______ owned industries are often inefficient

Back 18

taxes, government

Front 19

In the U.S. in the 1700s, the first U.S. economic base was _______.

Back 19

agriculture

Front 20

In the 1800s, the __________ occurred.

Back 20

Industrial Revolution

Front 21

In the 1800s, the north was mainly _____, while the south was mainly _____.

Back 21

industrial, agricultural

Front 22

The _____ War occurred from 1861-1865.

Back 22

Civil

Front 23

In the 1800s, ________ greatly increased interstate commerce.

Back 23

railroads

Front 24

In the 1800s there was very little government regulation of _________ (no min. wage, environmental regulations, etc.)

Back 24

business

Front 25

In the 1900s, the abuse of power by large businesses led to _____ laws and the growth of _______.

Back 25

anti-trust, labor unions

Front 26

During ________ (war) (1914-1918), there was lots of economic activity because things were being made for the sole purpose of fighting the war.

Back 26

World War I

Front 27

After WWI ended, the economy was strong. The 20s were also known as the "______" 20s.

Back 27

Roaring

Front 28

In the 1920s, the ______ (automobile) was created.

Back 28

Model T

Front 29

In the 1920s, the ______ was opened to more people, but was a unregulated, corrupt mess.

Back 29

stock market

Front 30

2nd worst period in American history, behind Civil War

Back 30

The Great depression

Front 31

The Great Depression lasted from ?

Back 31

1929-1941

Front 32

Contributing Factors to the Great Depression: Downturn in the ____ industry, Too much ______ capacity, Decline in _______ construction, Poor management of the _______ supply, _______ crash in Oct 1929, Lack of _______ response, Collapse of _____ system, The _____ Bowl

Back 32

automotive, manufacturing, home, money, stock market, government, banking, dust

Front 33

During the Great Depression, the president was _________.

Back 33

Herbert Hoover

Front 34

severe drought in the midwest during 20s

Back 34

dust bowl

Front 35

The Dust Bowl caused a migration of farmers to ________ and shortage of ______.

Back 35

California, food

Front 36

The unemployment rate in 1933 was _______ (highest ever).

Back 36

25%

Front 37

__________ was the president from 1933-1945. He was responsible for the ________.

Back 37

Franklin D. Roosevelt, New Deal

Front 38

_____ was credited for getting the U.S. out of Depression.

Back 38

FDR

Front 39

FDR issued a _______ reform and regulation of the ________.

Back 39

banking, stock market

Front 40

The FDIC (Federal Deposit Insurance Corporation) was created (New Deal) to get people confident in the ______ system again

Back 40

banking

Front 41

The Government initiated the SEC (Securities & Exchange Commission) for the _______ as part of the New Deal

Back 41

stock market

Front 42

FDR was also responsible for government employment: _______ benefits, laws protection ________ unions, ______ wage and _____ pay, social ______

Back 42

unemployment, labor, minimum, overtime, social security

Front 43

Fears about the cost of the New Deal led to cutbacks (especially in the WPA) and tax increases in 1938. As a result, the ______ quickly returned. In response, most of the ______ spending was restored & the economy improved.

Back 43

depression, New Deal

Front 44

WPA

Back 44

Works progress administration

Front 45

The US entered ___________ (war) which lasted from 1939-1945 on December 7, 1941, when Pearl Harbor was attacked by Japan.

Back 45

WWII

Front 46

In 1942, the unemployment rate was ______ (lowest ever).

Back 46

1.9%

Front 47

In the 1940s there were shortages of many _________ goods due to the war.

Back 47

consumer

Front 48

After WWII (1940s), the was new ______ and growth of _______, a ______Boom, The _____ Bill (opened up college to the middle class)

Back 48

housing, suburbs, baby, G.I.

Front 49

a bill that allowed soldiers coming home to go to college for low/no cost

Back 49

G.I. Bill

Front 50

In the 1950s, the _______ became a permanent part of American Life. The __________ was built, which as a result increased interstate commerce, created jobs, made travel easier, opened up tourism. The overall economy struggled as production shifted from _____ to ________ goods.

Back 50

New Deal, Federal Interstate Highway System, military, consumer

Front 51

During the 1960s, there were ____ cuts (by which US PRES) -1964- and the escalation of the _______ War that helped the economy.

Back 51

tax, Kennedy, Vietnam

Front 52

In the 1960s, there was the dominance of the _______ industry, spending on ______ programs greatly increased (medicare, medicaid, food stamps).

Back 52

automotive, social

Front 53

High war spending + high domestic spending + tax cuts = A _____ and ______ economy according to pres. johnson

Back 53

guns, butter

Front 54

In the 1960s all of this additional spending led to ________.

Back 54

inflation

Front 55

an overall increase in the price of goods

Back 55

inflation

Front 56

The 1970s began with a slowdown in economic growth and worsening _______ due to the ________ War.

Back 56

inflation, Vietnam

Front 57

In the 1970s there was the ______ Shock, where the president froze all ______ and ______ for 90 days.

Back 57

Nixon, prices, wages

Front 58

The Nixon Shock also involved removal of the U.S. from the _____ standard, which meant U.S. dollars could no longer be exchanged for ______ and there was a floating _____ rate.

Back 58

gold, gold, exchange

Front 59

President ________ (1974-1977) developed WIN (WHIP INFLATION NOW).

Back 59

Gerald Ford

Front 60

President Gerald Ford developed _______.

Back 60

Win (Whip Inflation Now)

Front 61

The _______ Embargo was retaliation for U.S. military support of Israel.

Back 61

OPEC Oil

Front 62

The OPEC Oil Embargo cause the price of oil to ______, gas was _____. It ended when Israel agreed to withdraw ___ from disputing territories.

Back 62

quadrupled, rationed, troops

Front 63

The OPEC oil embargo was during what time period?

Back 63

1973-74

Front 64

The OPEC oil embargo put the U.S. into a _______ that lasted from 1973 to 1975.

Back 64

recession

Front 65

a period when nation income, employment, and production fall

Back 65

recession

Front 66

In the 1970s there was the decline of the U.S. _______ sector. There was growth of ______ (especially Japanese) and the last trade _______, 1975.

Back 66

manufacturing, imports, surplus

Front 67

President Jimmy Carter was in office when?

Back 67

1977-1980

Front 68

President Carter was in office the time of the _____ Hostage ___ and _______, where students & militants took over the U.S. embassy in ____ and held 444 Americans hostage.

Back 68

Iranian, Crisis, Revolution, Tehran

Front 69

The Iranian Hostage Crisis and Revolution was in response to U.S. support of the _______, who was placed in power by a U.S. led coup in 1953. Overthrew a democratically elected government.

Back 69

shah

Front 70

In the 1970s ____ prices went up and ____ shortages returned due to panic buying.

Back 70

oil, gas

Front 71

By 1979, inflation was at __% and unemployment was at ____%.

Back 71

18,14

Front 72

highest ever inflation rate on annual basis (1979)

Back 72

18%

Front 73

high inflation + high unemployment= _________

Back 73

stagflation

Front 74

When was the Communist Manifesto written?

Back 74

1848

Front 75

The Industrial Revolution took place in the early _____.

Back 75

1800s

Front 76

time period of the Civil War

Back 76

1861-1865

Front 77

World War I time period

Back 77

1914-1918

Front 78

Great Depression time period

Back 78

1929-1941

Front 79

President Franklin D. Roosevelt's time in office?

Back 79

1933-1945

Front 80

Unemployment rate highest ever in what year?

Back 80

1933, 25%

Front 81

World War II time period

Back 81

1939-1945

Front 82

time period when the new deal became a permanent part of American life

Back 82

1950s

Front 83

tax cuts were made by kennedy in what year?

Back 83

1964

Front 84

food stamps came about by johnson in what year?

Back 84

1965

Front 85

big stock market crash contributing to great depression in what year?

Back 85

1929