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MTTC 105 Exam Questions with Answers

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MTTC 105 Exam Questions
with Answers
When were the Pyramids of Egypt built? - Answer-During the Old Kingdom

Early Civilizations of Ancient Africa (2 of 3) - Answer-Bantu Migration: moved from West
Africa slowly toward the East and South. They were fishers/farmers. The migration
lasted 2000 years.

Early Civilizations of Ancient Africa (3 of 3) - Answer-Kingdom of Kush: Most powerful
between 2000BCE and 1500BCE. They were farmers turned traders. Traded ivory,
gold, ebony, and slaves. They also made iron weapons.

Ancient Roman Republic - Answer-Romans conquered territories build but civil war
constantly threaten to tear about Rome, until Julius Caesar. Julius Caesar ruled in the
first triumvirate with Crassus and Pomey. Caeser was killed (stabbed) in a senate
meeting in 44CE. A second triumvirate was formed with Octavian (Caeser's Nephew),
Marcus Antonis, and Lepidus. Octavian ruled as Augustus until his death in 14CE.

Decline of the Roman Empire - Answer-ended in 476CE when the Franks invaded the
empire and it collapsed. Franks ruler took control of Western Europe and united it.

Ottoman Empire - Answer-Islamic state founded by Osman in northwestern Anatolia.
After the fall of the Byzantine Empire, the Ottoman Empire was based at Istanbul
(formerly Constantinople) from 1453-1922. It encompassed lands in the Middle East,
North Africa, the Caucasus, and eastern Europe. Was on of the tightest and longest
lasting dynasties in world history.

Decline of Ottoman Empire - Answer-in 1600s, it began to lose its economic and military
dominance in Europe. During the Balkan Wars (1912-1913) they lost all their territories
in Europe. They entered WWI at the beginning on the side of the Central Powers in
1914, although they were already declining. The empire officially ended in 1922.

Early Civilizations in the Americas (1 of 3) - Answer-Mayans: First Great Civilizations of
the Americas, lasted 2000years and was located in Central America. Their peak was
between 250CE-900CE. They built Pyramids and were polytheistic people. Sometimes
held human sacrifices for the gods. Began to crumble around 900CE for many reasons-
-> Christopher Columbus encountered the Mayans. Disease killed about 90% of the
Mayans.

,Early Civilizations in the Americas (2 of 3) - Answer-Aztecs: lived in Meso-America.
They conquered near by lands and created an empire from the Gulf of Mexico to the
Pacific Ocean. They worshipped the Sun God, have human sacrifices from their
enemies/prisoners to their God. Disease and battles weakened the empire. Ended
around 1520 due to Spanish Conquistador Hernan Cortes. With guns and help from
Aztec Enemies, the Aztec empire was defeated.

Early Civilizations in the Americas (3 of 3) - Answer-Incas: lived in South America and
had an empire that stretched from one end to the other. The empire ended with the
arrival of Fransisco Pizarro, a Spanish Conquistador.

Early Civilizations in Ancient India (1 of 2) - Answer-Indus River Valley: around
2600BCE, the two city states that formed the Indus River Valley were called Harappa
and Mohenjo-Daro. Around 2000BCE, the Indus River Valley farmers began to leave.
1500BCE, the Arayans moved in from Central Asia.

Early Civilizations in Ancient India (2 of 2) - Answer-Maurya Empire: founded around
322BCE by Chandragupta Maurya. He founded the empire by overthrowing kingdoms
along the Ganges River. His grandson, Asoka, ruled after him and spread Buddhism
throughout the empire. Asoka's death weakened the empire, plagued by foreign
invasions until 320BCE.

Early Civilizations of the Middle East (1 of 3) - Answer-Phoenicia: polytheistic, seafaring
people who settled on the eastern coast of the Mediterranean Sea. Lived there from
1550 BCE-3000BCE. Known for their trade and alphabet.

competition - Answer-a condition where different economic firms seek to obtain a share
of a limited good by varying the elements of the marketing mix; price, product,
promotion, place

Specialization - Answer-when a nation or individual concentrates its productive efforts
on producing a limited variety of goods

Recession - Answer-a business cycle contraction where there is a general decline in
economic activity;
a period of temporary economic decline during which trade and industrial activity are
reduced, generally identified by a fall in GDP in two successive quarters.

comparative advantage - Answer-The ability of a country to produce a good at a lower
cost than another country can;
The ability of an individual or group to carry out a particular economic activity more
efficiently than another activity

federal system - Answer-A government that divides the powers of government between
the national government and state or provincial governments

, Federeal Reserve System - Answer-The central bank of the US. It was created to by
congress to provide the nation with a safer, more flexible, and more stable monetary
and financial system

6 functions of the FED - Answer-1. Clearing Checks
2. Acting as Government Fiscal Agent
3. Supervising Member Banks
4. Regulate Money Supply
5. Supply Power Currency
6. Setting Reserve Requirements

Separation of Powers - Answer-An act of vesting the legislative, executive, and judicial
powers of government in separate bodies.

Checks and Balances - Answer-Counterbalancing influences by which an organization
or system is regulated, typically those ensuring that political power is not concentrated
in the hands of individuals or groups.

Limited Government - Answer-government structure in which government actions are
limited by law;
Concept of a government limited in power

Emerging Economy - Answer-developing or transitioning economies sustaining high
rates of economic growth

Market Economy - Answer-type of economic system based on private ownership of
property, freedom of enterprise, self interest, and the profit motive

mixed market economy - Answer-a market economy with limited government
intervention

Mixed Market Economy - Answer-market economy with limited government intervention

Oligopoly - Answer-a state of limited competition, in which a market is shared by a small
number of producers or sellers;

market structure with a small number of firms, none of which can keep the others from
having significant influence. This includes two or more firms.

Monopoly - Answer-A market in which there are many buyers but only one seller;

Market structure characterized by a single seller, selling a unique product in the market

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