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Product code Economics-Midterm-Quizlet08

1Q-What is landism?

2Q-What do you mean by feudal system?

3Q-Write the notes on serfs?

4Q-What is feuds?

5Q-What is the meaning of merchant guilds?

6Q-What is fairs?

7Q-What is towns?

8Q-What do you mean by physiocrats?

9Q-What is protectionism?

10Q-What is competitive devaluation?


12Q-What is natural order?

13Q- ________used as a basis for a sustained assault on mercantilist practices and dogmas?

14Q-The root of the problem is that the social man is not by nature content merely with managing his own affairs. It easily becomes noisiness, busybodiness, or worse. Anyone with some experience soon learns the course, that other `people just will not do to suit them. Then the spirit of the busybody easily becomes oppressive. This reaches its apogee in gov't, where the rulers may use their power to direct the affairs of the ruled_______.

15Q- _______entails the freedom of persons to use their minds, faculties, and materials to produce and dispose as they will or chose, subject only to such obligations, responsibilities, duties, and restraints as they may have contracted or as are inherent in their understanding.

16Q- ______comprises the free market and free trade.

17Q- What is private property?

18Q-What is evolutionary socialism?

19Q- What do you mean by revolutionary socialism?

20Q-What is crony capitalism?

21Q-What is corporatism?

22Q- ______ is a corporatism in which capital and and property generally are at least technically privately owned.

23Q-  _______is corporatism in which capital and productive property is generally owned by government, though such euphemisms as public ownership or common property are often used to describe it.

24Q-The main problem associated with banking in this era was the practice of maintaining only fractional reserves. At this time gold and silver served as the commodity monies used and the state chartered banks were issuing more bank notes into circulation that they held in gold or silver reserves. In short, fractional reserve banking could not withstand the rigors of market competition in a system of genuine free enterprise_____.

25Q-What do you mean by Democrat?

26Q-What is Republican?

27Q-What is protective tariff?

28Q- ______authorized two corporations to undertake the building and operation of a railroad from the Midwest to the Pacific: the Union Pacific from Omaha westward to a junction with the Central Pacific from the west coast eastward.

29Q- What is rent seeking?

30Q- What do you mean by farm problem?


32Q- ______Marxist theology, which is basically communist ideology, holds that in the process of revolution everything will be overturned, changed, and transformed. Marx taught dialectical materialism, which he further specialized as economic determinism. Matter alone is real, and change takes place in the contest of those who control material forces for domination. The basic contest is over control of the means of production.

33Q-Politics, or government, and law were simply a reflex of tis control. In the modern era, Marx held, bourgeoisie society had come to dominate and the capitalists were consolidating their hold over the instruments of production_____.

34Q- Proletariat means ______.

35Q-What is totalitarian?

36Q- ______led the Bolshevik revolution in Russia in 1917 and headed the government as it consolidated power in the ensuing years was an outlaw.


38Q-Centrally planned and directed economy____.

39Q- _______of goods wanted was an intractable problem for Soviet Communists, as well as Communists in power elsewhere. It is an old socialist cliche that the "problem of production has been solved."

40Q-What do you mean by command economy?


42Q-KGB means______


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1Q-What is landism? 1A-An economy basically not running around the idea of money being the currency, but actually land. Land is the central currency, so to speak, in this economy.

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