Chapter #1- Section #2 Test

Question 1

What can benefit a community in many ways?

Answer 1

Specialization

Question 2

What is specialization?

Answer 2

In specialization, people focus their personal talents and abilities to benefit others, as well as themselves.

Question 3

What is bartering?

Answer 3

Trading goods or services with one another

Question 4

Why did paper money eventually replace coins?

Answer 4

(1) Paper is lighter and easier to carry
(2) Coin are more susceptible to theft
(3) Expensive items require a lot of coins

Question 5

Monetary system

Answer 5

A system of trade using currency instead of bartering for goods/services

Question 6

Mint

Answer 6

To manufacture coins from precious or base metals

Question 7

Profit motive

Answer 7

Encourages people to work harder and smarter

Question 8

Diversity of goods

Answer 8

Large variety of items available to meet demand

Question 9

What is the Life Principle spoken by Winston Churchill?

Answer 9

“Success is not final, failure is not fatal: it is the courage to continue that counts.”

Question 10

For every effect, there has to be a what?

Answer 10

Cause

Question 11

In what order did Roman civilization emerge?

Answer 11

(1) City-state
(2) Republic
(3) Empire

Question 12

How did Rome pay for its ever-expanding empire?

Answer 12

(1) Increased trade with conquered lands
(2) Slave labor
(3) Taxing conquered peoples

Question 13

What caused the Roman government to create another way to get money?

What did they resort to?

Answer 13

They were faced with threats of revolts over high taxes

They resorted to inflation

Question 14

How did the Roman government inflate the money supply?

Answer 14

By shaving or clipping off the edges of their coins

Question 15

What law stated that bad money drives good money out of circulation?

Answer 15

Gresham’s Law

Question 16

What happens to productivity in a welfare state, when the producers of goods and services are taxed more and more to pay for people who are not willing to work?

Answer 16

Productivity plunges

Question 17

What is the Life Principle spoken by Albert Einstein?

Answer 17

“Whoever is careless with the truth in small matters cannot be trusted with important matters.”

Question 18

Travel and trade had been common during the Roman Empire because:

Answer 18

(1) There were many well-maintained roads
(2) There were many bridges
(3) The armies provided protection

Question 19

What happened after the collapse of the Roman Empire?

Answer 19

Trade and communication between towns and cities ended, which led to people becoming isolated from one another

Question 20

Feudalism describes:

Answer 20

The entire social system of the Middle Ages

Question 21

What is the medieval period also referred to as?

Answer 21

The Middle Age or Dark Ages.

Question 22

How long did the medieval period last?

Answer 22

About AD 500 to AD 1500

Question 23

Why were serfs not considered slaves?

Answer 23

They enjoyed some of the rights of man

Question 24

The Manorial System describes the economic structure of what?

Answer 24

Medieval manors

Question 25

Feudalism

Answer 25

It describes the entire societal structure including the political and religious relationships among all member of society

Question 26

Manorialism

Answer 26

It defines the more specific, local economic structure of the manor

Question 27

What lead to widespread ignorance during the Middle Ages? Because of that, the Middle Ages are sometimes referred as what?

Answer 27

Lack of education "Dark Ages"

Question 28

What is the Life Principle spoken by George Washington?

Answer 28

"Liberty, when it takes root, is a plant of rapid growth."

Question 29

What does Renaissance mean?

Answer 29

Rebirth

Question 30

The Renaissance was an awakening of what?

Answer 30

Economic and social ideas

Question 31

During the Dark Ages, Italy was able to maintain what with other nations, and how?

Answer 31

Trade; largely due to its port cities

Question 32

List the correct order of events about the Renaissance

Answer 32

(1) Renaissance spreads to France after they invade Florence, Italy (2) European monarchs bring Renaissance artists & scholars to their countries (3) A new love of learning spreads throughout Europe (4) People learn of distant places where wonderful trade goods are available (5) Kings and countries seek new trade routes to the Orient -- the age of exploration begins

Question 33

Which renaissance genius helped extend scientific research to include economics?

Answer 33

Blaise Pascal

Question 34

Mercantilism dictated that the primary purpose of establishing colonies was to what?

Answer 34

Get natural resources and wealth for the mother country

Question 35

What is the Life Principle spoken by Francis Bacon?

Answer 35

"Money is a good servant and a bad master."

Question 36

What revolution completely transformed the manufacturing process of goods?

Answer 36

The Industrial Revolution

Question 37

The Industrial Revolution resulted in what?

Answer 37

Great productivity, and a better standard of living for the vast majority of people

Question 38

Life was much harder in the 19th century, but it was the _____ ________ that eventually led to the much easier ____________ we enjoy today

Answer 38

Free market; lifestyle

Question 39

What does an apple-to-oranges comparison mean?

Answer 39

Comparing two things in a misleading way

Question 40

The apples-to-oranges comparison progressives made in the 19th century in regards to workers and factory owners concerned what?

Answer 40

Standards of living

Question 41

Due to the free market system, even the poorest American worker had:

Answer 41

A secure job, enough to eat, and a decent house

Question 42

Poor people in countries without free markets lack?

Answer 42

Food, clothing, and shelter

Question 43

Who was the 19th century English philosopher who promoted Utilitarianism?

Answer 43

Jeremy Bentham

Question 44

Utilitarianism

Answer 44

(1) Right and wrong not based on absolutes (2) Individual rights don't matter (3) Taking property by force can be good

Question 45

According to Marxist theory, a ruling elite will only exist long enough to do what?

Answer 45

To oversee the transition from capitalism to a communist society, but in the real world, the ruling elite remains in power and enjoys privileged lives

Question 46

What is the Life Principle spoken by William Penn?

Answer 46

"If we are not governed by God, we will be ruled by tyrants."

Question 47

Given the diversity of people and their abilities, what is the only way to ensure equal outcomes in society?

Answer 47

For progressives in government to force uniformity by various means