Question 1

According to the text, Marx's conclusions stemmed from his _______ and his perception of the role of _______ in capitalism.

Accepted Answer

A)  theory of sociology; technology 
B)  labor theory of value; profit 
C)  labor theory of value; technology 
D)  perception of the class struggle; government 
A)  theory of sociology; technology 
B)  labor theory of value; profit 
C)  labor theory of value; technology 
D)  perception of the class struggle; government B

Question 2

The former Soviet Union collapsed in 1991.

Accepted Answer

A) True 
 B)False  True

Question 3

According to Marx, surplus value is produced by:

Accepted Answer

A)  skilled workers only. 
B)  unskilled workers only. 
C)  all workers. 
D)  capitalists. 
A)  skilled workers only. 
B)  unskilled workers only. 
C)  all workers. 
D)  capitalists. C

Question 4

Adam Smith argued in the Wealth of Nations that the relative values of different goods was determined by:

Accepted Answer

A)  demand and supply. 
B)  the invisible hand. 
C)  the relative amounts of labor used in their production. 
D)  the relative amounts of profit. 
A)  demand and supply. 
B)  the invisible hand. 
C)  the relative amounts of labor used in their production. 
D)  the relative amounts of profit.

Question 5

The former Soviet Union was characterized by all of the following EXCEPT:

Accepted Answer

A)  outdated technologies. 
B)  prices that were set too low. 
C)  persistent shortages. 
D)  persistent surpluses. 
A)  outdated technologies. 
B)  prices that were set too low. 
C)  persistent shortages. 
D)  persistent surpluses.

Question 6

Communism was introduced to the Soviet Union by Karl Marx.

Accepted Answer

A) True 
 B)False

Question 7

Russia's transition to market capitalism has been gradual, with few problems.

Accepted Answer

A) True 
 B)False

Question 8

An evaluation of centrally planned economies reveals that they:

Accepted Answer

A)  put a premium on technological innovation. 
B)  achieved a nearly equal distribution of income. 
C)  were unsuccessful in attaining economic efficiency. 
D)  experienced lower rates of employment than most capitalist countries. 
A)  put a premium on technological innovation. 
B)  achieved a nearly equal distribution of income. 
C)  were unsuccessful in attaining economic efficiency. 
D)  experienced lower rates of employment than most capitalist countries.

Question 9

The former Soviet Union was able to achieve impressive gains in GDP and was able to satisfy consumer demands at the same time.

Accepted Answer

A) True 
 B)False

Question 10

According to Marxian theory, if the production of commodity X requires 20 percent more labor time than the production of commodity Y, then the value of commodity X will be:

Accepted Answer

A)  about equal to the value of commodity Y. 
B)  exactly 20 percent more than the value of commodity Y. 
C)  exactly 20 percent less than the value of commodity Y. 
D)  over 20 percent more than the value of commodity Y. 
A)  about equal to the value of commodity Y. 
B)  exactly 20 percent more than the value of commodity Y. 
C)  exactly 20 percent less than the value of commodity Y. 
D)  over 20 percent more than the value of commodity Y.

Question 11

Write an essay on how the countries of the former Soviet Union might become successful in their efforts to make the transition to capitalism and the market system. Discuss what they must do and how they should do it.

Accepted Answer

The countries of the former Soviet Union

Question 12

Which of the following statements is true?

Accepted Answer

A)  Marx did not follow a historical approach to economics. 
B)  To Marx, capitalism was a stage in the development of economic systems. 
C)  Marx explained how capitalism would give way to feudalism. 
D)  Marx was the lone economist in his time who supported the labor theory of value. 
A)  Marx did not follow a historical approach to economics. 
B)  To Marx, capitalism was a stage in the development of economic systems. 
C)  Marx explained how capitalism would give way to feudalism. 
D)  Marx was the lone economist in his time who supported the labor theory of value.

Question 13

According to the text, the first political leader to embrace the idea of radical reform in the Soviet Union was:

Accepted Answer

A)  Gary Kasparov. 
B)  Nikita Khrushchev. 
C)  Leonid Brezhnev 
D)  Mikhail Gorbachev 
A)  Gary Kasparov. 
B)  Nikita Khrushchev. 
C)  Leonid Brezhnev 
D)  Mikhail Gorbachev

Question 14

Marx believed that profit rates would ultimately soar and lead to the downfall of capitalism.

Accepted Answer

A) True 
 B)False

Question 15

Russia's transition to market capitalism was started in 1985 by:

Accepted Answer

A)  Karl Marx. 
B)  Vladimir Lenin. 
C)  Joseph Stalin. 
D)  Mikhail Gorbachev. 
A)  Karl Marx. 
B)  Vladimir Lenin. 
C)  Joseph Stalin. 
D)  Mikhail Gorbachev.

Question 16

From 1921-1924, the Soviet Union experienced a period called:

Accepted Answer

A)  war communism. 
B)  the New Economic Policy. 
C)  Lenin's communism period. 
D)  the Reds and the Whites. 
A)  war communism. 
B)  the New Economic Policy. 
C)  Lenin's communism period. 
D)  the Reds and the Whites.

Question 17

Communism was established in China in 1949 by:

Accepted Answer

A)  Vladimir Lenin. 
B)  Joseph Stalin. 
C)  Marshal Tito. 
D)  Mao Zedong. 
A)  Vladimir Lenin. 
B)  Joseph Stalin. 
C)  Marshal Tito. 
D)  Mao Zedong.

Question 18

Socialism, as an organizing principle for national economies, dates from:

Accepted Answer

A)  Joseph Stalin, in the early 1900s. 
B)  Karl Marx, in the mid-1800s. 
C)  Charles Fourier, in the 1600s. 
D)  biblical times. 
A)  Joseph Stalin, in the early 1900s. 
B)  Karl Marx, in the mid-1800s. 
C)  Charles Fourier, in the 1600s. 
D)  biblical times.

Question 19

The Communist Manifesto was written by:

Accepted Answer

A)  Karl Marx and Friedrich Engels. 
B)  David Ricardo and Thomas Malthus. 
C)  John Stuart Mill and Alfred Marshall 
D)  Vladimir Lenin and Joseph Stalin 
A)  Karl Marx and Friedrich Engels. 
B)  David Ricardo and Thomas Malthus. 
C)  John Stuart Mill and Alfred Marshall 
D)  Vladimir Lenin and Joseph Stalin

Question 20

The New Economic Policy in the Soviet Union was developed in 1921 by:

Accepted Answer

A)  Karl Marx. 
B)  Vladimir Lenin. 
C)  Joseph Stalin. 
D)  Marshal Tito. 
A)  Karl Marx. 
B)  Vladimir Lenin. 
C)  Joseph Stalin. 
D)  Marshal Tito.

According to the text, Marx's conclusions stemmed from his _ and his perception of the role of _ in capitalism.

The former Soviet Union collapsed in 1991.

According to Marx, surplus value is produced by:

Adam Smith argued in the Wealth of Nations that the relative values of different goods was determined by:

The former Soviet Union was characterized by all of the following EXCEPT:

Communism was introduced to the Soviet Union by Karl Marx.

Russia's transition to market capitalism has been gradual, with few problems.

An evaluation of centrally planned economies reveals that they:

The former Soviet Union was able to achieve impressive gains in GDP and was able to satisfy consumer demands at the same time.

According to Marxian theory, if the production of commodity X requires 20 percent more labor time than the production of commodity Y, then the value of commodity X will be:

Write an essay on how the countries of the former Soviet Union might become successful in their efforts to make the transition to capitalism and the market system. Discuss what they must do and how they should do it.

Which of the following statements is true?

According to the text, the first political leader to embrace the idea of radical reform in the Soviet Union was:

Marx believed that profit rates would ultimately soar and lead to the downfall of capitalism.

Russia's transition to market capitalism was started in 1985 by:

From 1921-1924, the Soviet Union experienced a period called:

Communism was established in China in 1949 by:

Socialism, as an organizing principle for national economies, dates from:

The Communist Manifesto was written by:

The New Economic Policy in the Soviet Union was developed in 1921 by:

Economics: the Study of Choice

Demand and Supply

Applications of Demand and Supply

Macroeconomics: the Big Picture

Measuring Total Output and Income

Aggregate Demand and Aggregate Supply

Economic Growth

The Nature and Creation of Money

Financial Markets and the Economy

Monetary Policy and the Fed

Government and Fiscal Policy

Consumption and the Aggregate Expenditures Model

Investment and Economic Activity

Net Exports and International Finance

Inflation and Unemployment

A Brief History of Macroeconomic Thought and Policy

Inequality, Poverty, and Discrimination

Economic Development

Filters

Exam 20: Socialist Economies in Transition

According to the text, Marx's conclusions stemmed from his _______ and his perception of the role of _______ in capitalism.

The former Soviet Union collapsed in 1991.

According to Marx, surplus value is produced by:

Adam Smith argued in the Wealth of Nations that the relative values of different goods was determined by:

The former Soviet Union was characterized by all of the following EXCEPT:

Communism was introduced to the Soviet Union by Karl Marx.

Russia's transition to market capitalism has been gradual, with few problems.

An evaluation of centrally planned economies reveals that they:

The former Soviet Union was able to achieve impressive gains in GDP and was able to satisfy consumer demands at the same time.

According to Marxian theory, if the production of commodity X requires 20 percent more labor time than the production of commodity Y, then the value of commodity X will be:

Write an essay on how the countries of the former Soviet Union might become successful in their efforts to make the transition to capitalism and the market system. Discuss what they must do and how they should do it.

Which of the following statements is true?

According to the text, the first political leader to embrace the idea of radical reform in the Soviet Union was:

Marx believed that profit rates would ultimately soar and lead to the downfall of capitalism.

Russia's transition to market capitalism was started in 1985 by:

From 1921-1924, the Soviet Union experienced a period called:

Communism was established in China in 1949 by:

Socialism, as an organizing principle for national economies, dates from:

The Communist Manifesto was written by:

The New Economic Policy in the Soviet Union was developed in 1921 by:

Economics: the Study of Choice

Demand and Supply

Applications of Demand and Supply

Macroeconomics: the Big Picture

Measuring Total Output and Income

Aggregate Demand and Aggregate Supply

Economic Growth

The Nature and Creation of Money

Financial Markets and the Economy

Monetary Policy and the Fed

Government and Fiscal Policy

Consumption and the Aggregate Expenditures Model

Investment and Economic Activity

Net Exports and International Finance

Inflation and Unemployment

A Brief History of Macroeconomic Thought and Policy

Inequality, Poverty, and Discrimination

Economic Development

Filters

According to the text, Marx's conclusions stemmed from his _ and his perception of the role of _ in capitalism.