Chapter 11 Economics and Politics Study Questions

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True/False Questions

  1. T F When invading Iraq, the Bush administration made clear its intention to change the economy Iraq from a free market to a centrally-planned system.

  1. T F Iraq is situated in a region of the world that holds 90 percent of the world’s known oil reserves.

  1. T F Many agricultural revolutions have taken place over the course of human history.

  1. T F Socialist economic systems are governed by the laws of supply and demand.

  1. T F Extreme dependence on a single commodity causes many problems including vulnerability to fluctuation in demand.

  1. T F The United States runs a trade deficit with regard to services and trade surplus with regard to goods.

  1. T F The primary sector of an economy involved extracting raw materials from the natural environment.

  1. T F The source of a charismatic leader’s authority lies in the “goodness” of that leader’s vision.

  1. T F The tools of the power elite include weapons, surveillance and specialized modes of communication.

  1. T F Core economies are built upon a few key commodities.

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