Economics 21st Edition Mcconnell Test Bank
Economics 21st Edition Mcconnell Test Bank
Economics 21st Edition Mcconnell Test Bank
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4. Of the following countries, which one best exhibits the characteristics of a market economy?
A. Canada
B. Cuba
C. North Korea
D. Belarus
6. An economic system
A. land and other natural resources should be privately owned, but capital should be publicly owned.
B. land and other natural resources should be publicly owned, but capital should be privately owned.
C. government should not interfere with the operation of the economy.
D. government action is absolutely necessary if the economy is to achieve full employment and full production.
A. who owns the factors of production and the methods used to coordinate economic activity
B. the technology used in production and the quantity and quality of natural resources
C. how goods are produced and who gets them
D. the political system in place and the degree of scarcity facing the economy
A. market systems.
B. pure capitalism.
C. laissez-faire capitalism.
D. communism.
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10. A fundamental difference between the command system and laissez-faire capitalism is that, in command systems,
A. the division of output is decided by central planning rather than by individuals operating freely through markets.
B. all economic decisions are made by the government, whereas there is no government in laissez-faire capitalism.
C. scarcity does not exist, whereas it does in laissez-faire capitalism.
D. money is not used, whereas it is in laissez-faire capitalism.
A. private property
B. freedom of enterprise
C. government ownership of most property resources
D. competition in product and resource markets
A. property rights
B. central planning by government
C. unselfish behavior
D. government-set wages and prices
A. discourages cooperation because people don't want to part with what they own.
B. discourages innovation, as people are often afraid to risk losing their own property.
C. encourages owners to maintain or improve their property so as to preserve or enhance value.
D. does everything indicated by the other answers.
A. capital goods.
B. human capital.
C. property rights.
D. public goods.
A. self-interest.
B. private property.
C. competition.
D. freedom of enterprise and choice.
A. allowing workers to take advantage of existing differences in their abilities and skills.
B. avoiding the time loss involved in shifting from one production task to another.
C. allowing workers to develop skills by working on one, or a limited number, of tasks.
D. all of the means identified in the other answers.
24.
25.
On the basis of the information, and assuming trade occurs between the three states, we can expect
Jas. G. Blaine.
The above well presents the Blaine view of the proposition to have
a Congress of the Republics of America at Washington, and under
the patronage of this government, with a view to settle all difficulties
by arbitration, to promote trade, and it is presumed to form alliances
ready to suit a new and advanced application of the Monroe doctrine.
The following is the letter proposing a conference of North and
South American Republics sent to the U. S. Ministers in Central and
South America:
Sir: The attitude of the United States with respect to the question of general
peace on the American Continent is well known through its persistent efforts for
years past to avert the evils of warfare, or, these efforts failing, to bring positive
conflicts to an end through pacific counsels or the advocacy of impartial
arbitration. This attitude has been consistently maintained, and always with such
fairness as to leave no room for imputing to our Government any motive except the
humane and disinterested one of saving the kindred States of the American
Continent from the burdens of war. The position of the United States, as the
leading power of the new world, might well give to its Government a claim to
authoritative utterance for the purpose of quieting discord among its neighbors,
with all of whom the most friendly relations exist. Nevertheless the good offices of
this Government are not, and have not at any time, been tendered with a show of
dictation or compulsion, but only as exhibiting the solicitous good will of a
common friend.
For some years past a growing disposition has been manifested by certain States
of Central and South America to refer disputes affecting grave questions of
international relationship and boundaries to arbitration rather than to the sword.
It has been on several occasions a source of profound satisfaction to the
Government of the United States to see that this country is in a large measure
looked to by all the American powers as their friend and mediator. The just and
impartial counsel of the President in such cases, has never been withheld, and his
efforts have been rewarded by the prevention of sanguinary strife or angry
contentions between peoples whom we regard as brethren. The existence of this
growing tendency convinces the President that the time is ripe for a proposal that
shall enlist the good will and active co-operation of all the States of the Western
Hemisphere both North and South, in the interest of humanity and for the
common weal of nations.
He conceives that none of the Governments of America can be less alive than our
own to the dangers and horrors of a state of war, and especially of war between
kinsmen. He is sure that none of the chiefs of Government on the Continent can be
less sensitive than he is to the sacred duty of making every endeavor to do away
with the chances of fratricidal strife, and he looks with hopeful confidence to such
active assistance from them as will serve to show the broadness of our common
humanity, the strength of the ties which bind us all together as a great and
harmonious system of American Commonwealths.
Impressed by these views, the President extends to all the independent countries
of North and South America an earnest invitation to participate in a general
Congress, to be held in the city of Washington, on the 22d of November, 1882, for
the purpose of considering and discussing the methods of preventing war between
the nations of America. He desires that the attention of the Congress shall be
strictly confined to this one great object; and its sole aim shall be to seek a way of
permanently averting the horrors of a cruel and bloody contest between countries
oftenest of one blood and speech, or the even worse calamity of internal
commotion and civil strife; that it shall regard the burdensome and far-reaching
consequences of such a struggle, the legacies of exhausted finances, of oppressive
debt, of onerous taxation, of ruined cities, of paralyzed industries, of devastated
fields, of ruthless conscriptions, of the slaughter of men, of the grief of the widow
and orphan, of embittered resentments that long survive those who provoked them
and heavily afflict the innocent generations that come after.
You will present these views to the Minister of Foreign Affairs of Costa Rica,
enlarging, if need be, in such terms as will readily occur to you upon the great
mission which it is within the power of the proposed Congress to accomplish in the
interest of humanity, and the firm purpose of the United States of America to
maintain a position of the most absolute and impartial friendship toward all. You
will, therefore, in the name of the President of the United States, tender to his
Excellency, the President of ——, a formal invitation to send two commissioners to
the Congress, provided with such powers and instructions on behalf of their
Government as will enable them to consider the questions brought before that
body within the limit of submission contemplated by this invitation.
The United States, as well as the other powers, will in like manner be
represented by two commissioners, so that equality and impartiality will be amply
secured in the proceedings of the Congress.
In delivering this invitation through the Minister of Foreign Affairs, you will
read this despatch to him and leave with him a copy, intimating that an answer is
desired by this Government as promptly as the just consideration of so important a
proposition will permit.
I am, sir, your obedient servant,
James G. Blaine.
Minister Logan’s Reply.