GED Social Studies : Economics
Study concepts, example questions & explanations for GED Social Studies
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Example Questions
Example Question #31 : Economics
The exchange or trade of goods or services, without exchanging money, is called __________.
gambling
wagering
agitating
commiserating
bartering
bartering
To barter is to exchange goods or services with someone else without the use or exchange of money. Throughout human history, bartering has been a common means by which goods are exchanged between individuals or social groups.
Example Question #32 : Economic Principles
Collective bargaining is __________.
negotiations between an employer and a group of employees to set terms and payment rates
the belief that the working class can exert control over the middle and upper classes by refusing to work
the belief that the small minority of the population that controls the vast majority of wealth has no need to participate in the political system and can control society outside of the democratic process
negotiations between two or more nations to establish trade or research agreements
the belief that the Supreme Court should take an active role in pushing forward the national agenda
negotiations between an employer and a group of employees to set terms and payment rates
Collective bargaining is the term given to negotiations between an employer and a group of employees—usually a union. The purpose is to agree upon terms of employment, wage, payment structure, and so on.
Example Question #1 : Consumer And Federal Relationships
The New Deal domestic reforms took place during the Presidency of __________
Lyndon B. Johnson.
Dwight D. Eisenhower.
Franklin D. Roosevelt.
Theodore Roosevelt.
Herbert Hoover.
Franklin D. Roosevelt.
When Franklin D. Roosevelt assumed the Presidency in 1932 America was at the height of the Great Depression. He instituted a massive and sweeping series of programs designed to extend social security to a much larger proportion of the population and to rescue the economy. Collectively this series of programs is called the New Deal. Historians disagree about the success of these programs, but what is clear is that they dramatically changed the responsibilities and duties of the United States government.
Example Question #2 : Consumer And Federal Relationships
Which of these writers is often described as “the father of modern economics”?
Adam Smith
Thomas Malthus
Francis Bacon
John Locke
David Ricardo
Adam Smith
Adam Smith is often referred to as “the father of modern economics” for his writings on laissez-faire and free market capitalism. Smith argued in The Wealth of Nations that the government should try and avoid interfering in the economy and that the economy should be almost completely unregulated. His writings and ideas remain deeply influential.
Example Question #3 : Consumer And Federal Relationships
In economics, a deficit is best described as __________
the amount of money set aside to fulfill government policy aims in a given period of time.
the balance of trade between two nations.
when expenditures exceed revenue in a given period of time.
a situation where demand greatly outstrips supply.
a situation in which supply greatly outstrips demand.
when expenditures exceed revenue in a given period of time.
In economics, a deficit occurs when the amount of money being spent (expenditures) exceeds the amount of money being collected (revenue) over a given period of time.
Example Question #4 : Consumer And Federal Relationships
The Spanish colonial system of awarding a portion of the native population to an individual Spaniard, effectively enslaving the Native American population, is called __________.
the Parsimony System
the Encomienda System
the Treaty of Tordesillas
the Treaty of Fontainebleau
the Conquistador System
the Encomienda System
The Encomienda System was established by the Spanish in the New World chiefly to facilitate the abuse of the Native American population as a source of labor. A Spanish official was granted the right to effectively own a portion of the native population and was free to force them into whichever form of labor was most immediately profitable, at the expense of millions of native lives. In exchange, the Spanish official was supposed to indoctrinate the native population into the Christian faith.
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