When the Ming Dynasty in China Built Up an Army

question 29

Multiple Choice

When the Ming Dynasty in China built up an army of one million, what was one of the primary reasons for this military growth?

• A) The army was used to help restore the Great Wall.
• B) The army was sent to invade and occupy Manchuria.
• C) the army provided assistance in moving the capital to Beijing.
• D) The only mission for the army was to fight barbarian invaders.
• E) The army was always engaged in quelling unrest among the peasants.

Comprehend how self-interest and competition motivate production and innovation in a market system.

Understand the role of government intervention in a market economy for public goods, externalities, and economic stability.

Describe the coordinating mechanism of price in a free-market system.

Recognize the significance of markets as institutions for exchange.

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Definitions:

Fairbanks

A city in the interior region of Alaska, known for its cold climate, unique geographical features, and as a gateway for Arctic exploration.

Resource Market

A market where resources or inputs for production (like labor, capital, and raw materials) are bought and sold.

Labor

The human effort, both physical and intellectual, used in the production of goods and services.

Capital

Assets used for the production of goods and services, such as machinery, buildings, and equipment.