AGB 302 FINAL (Set One- Ch 2,3,4,5 and 6) exam with complete solutions
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Course
AGB 302
Institution
AGB 302
political economy (think ecosystem)
to stress that the political, economic, and legal systems of a country are interdependent; they interact with and influence each other, and in doing so, they affect the level of economic well-being.
political system
-the political system of a country sha...
AGB 302 FINAL (Set One- Ch 2,3,4,5 and 6)
exam with complete solutions
political economy (think ecosystem) - ANSWER- to stress that the political,
economic, and legal systems of a country are interdependent; they interact with
and influence each other, and in doing so, they affect the level of economic well-
being.
political system - ANSWER- -the political system of a country shapes its
economic and legal systems
-we mean the system of government in a nation.
-Political systems can be assessed according to two dimensions: 1)collectivism
as opposed to individualism. 2) democratic or totalitarian.
Collectivism - ANSWER- -refers to a political system that stresses the primacy of
collective goals over individual goals
-the needs of society as a whole are generally viewed as being more important
than individual freedoms
Advocacy of collectivism can be traced to... - ANSWER- Greek philosopher Plato
(427-347 b.c.), who, in The Republic, argued that individual rights should be
sacrificed for the good of the majority and that property should be owned in
common.
Plato did not equate collectivism with equality...he believed that?... - ANSWER-
that society should be stratified into classes, with those best suited to rule
administering society for the benefit of all
In modern times, the collectivist mantle has been picked up by... - ANSWER-
socialists
,Modern socialists trace their intellectual roots to.. - ANSWER- Karl Marx
According to Marx, the pay of workers does not reflect... - ANSWER- the full value
of their labor.
Marx advocated state ownership of.. - ANSWER- the basic means of production,
distribution, and exchange (i.e., businesses).
In the early twentieth century, the socialist ideology split into two broad camps
which are: - ANSWER- communists and social democrats
communists believed that socialism... - ANSWER- could be achieved only through
violent revolution and totalitarian dictatorship
social democrats committed themselves to... - ANSWER- to achieving socialism
by democratic means
communism reached a high-point in what time period? - ANSWER- 1970's
in the 1970's which countries were communist? - ANSWER- the former Soviet
Union; its eastern European client nations (e.g., Poland, Czechoslovakia,
Hungary); China; the Southeast Asian nations of Cambodia, Laos, and Vietnam;
various African nations (e.g., Angola and Mozambique); and the Latin American
nations of Cuba and Nicaragua.
when did communism decline? - ANSWER- the 1990's
Consistent with their Marxist roots, after World War II social democratic
government in some nations did what? - ANSWER- national-ized some private
companies, transforming them into state-owned enterprises to be run for the
"public good rather than private profit."
state-owned enterprises to be run for the "public good rather than private profit"
was a trend where? - ANSWER- Great Britain
privatization - ANSWER- the act of selling state-owned enterprises to private
investors
individualism - ANSWER- refers to a philosophy that an individual should have
freedom in his or her economic and political pursuits
, individualism can be traced to... - ANSWER- Aristotle
-argued that private property is more highly productive than communal property
and will thus stimulate progress.
Individualism was reborn as an influential political philosophy in the Protestant
trading
nations of England and the Netherlands during which century? - ANSWER-
sixteenth
the philosophy of individualism was refind by which three philosophers? -
ANSWER- David Hume (1711-1776), Adam Smith (1723-1790), and John Stuart Mill
(1806-1873).
What are the two central tenants of individualism? - ANSWER- 1) the importance
of guaranteeing individual freedom and self-expression
2) the welfare of society is best served by letting people pursue their own
economic self-interest, as opposed to some collective body (such as
government) dictating what is in society's best interest
Who wrote The Wealth of Nations? - ANSWER- Adam Smith
-the book spoke about the philosophy of individualism
Democracy - ANSWER- refers to a political system in which government is by the
people, exercised either directly or through elected representatives
Totalitarianism - ANSWER- A form of government in which the ruler is an
absolute dictator (not restricted by a constitution or laws or opposition etc.)
Where was democracy born? - ANSWER- Greece
Most modern democratic states practice.. - ANSWER- representative democracy
(think of the U.S.)
an ideal representative democracy has a number of safeguards that are typi-cally
enshrined in constitutional law. what are these safeguards (there are nine*)? -
ANSWER- (1) an individual's right to freedom of expression, opinion, and
organization; (2) a free media; (3) regular elections in which all eligible citizens
are allowed to vote; (4) universal adult suffrage; (5) limited terms for elected
representatives; (6) a fair court system that is independent from the political
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