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- 1. Multiple ChoiceWhich is NOT a characteristic of Capitalism?Market EconomySupply and DemandFreedom of CompetitionClassless Society
- 2. Multiple ChoiceLaissez-faire means...Hats offHands aroundHands offHands on
- 3. Multiple ChoiceThe government or groups of workers might control these resources but the profits are divided among the people.CapitalismCommunismSocialismMixed Economy
- 4. Multiple ChoiceIn a socialist economy, the wealth is distributed evenly among citizens.TrueFalse
- 5. Multiple Choice
This economic system is based on competition, profits, and self-interest.SocialismCommunismCapitalism - 6. Multiple ChoiceIn a "pure" communist society, who are the wealthiest and most powerful people?IntellectualsBusiness leadersMilitary leadersNo One--every member of society is supposed to be equal
- 7. Multiple ChoiceIn a Communist country, workers have no ________ to work harder.TimeHelpAbilityIncentive
- 8. Multiple ChoiceHow does socialism differ from capitalism?In socialism, the goverment controls the means of production; whereas, capitalism focuses on the private owner.In socialism, the goverment provides subsidies for small buisnesses; whereas, capitalism only depends on the corporations to spark the economy.In socialism, the goverment does not provide any form on humanitarian aid; whereas, capitalism funds small buisness with tax relief.In socialism, the government controls what the consumer can purchase; whereas, capitalism controls what the business can market.
- 9. Multiple ChoiceAccording to the law of supply and demand, how does the scarcity of product that is in high demand affect prices?Scarcity of a high demand product stablizes the market value of the product.Scarcity of a high demand product increases the market value of the product.Scarcity of a high demand product neutralizes the market value of the product.Scarcity of a high demand product decreases the market value of the product.
- 10. Multiple ChoiceAccording to the law of supply and demand, how does over-manufacturing of a product affect the price?Over-manufacturing reduces the price of a product.Over-manufacturing creates jobs to improve the economy.Over-manufacturing raises prices to offset production costs.Over-manufacturing leads to peaks in the business cycle.
- 11. Multiple ChoiceWhat does communism believe in?Economic system with individuals having private ownership of money/production.Maintaining total control over society.Economic equality through elimination of private property.A government of the people, by the people, for the people.
- 12. Multiple ChoiceKarl Marx's ideas inspiredfree market economiesdemocraciestechnological innovationdictatorships
- 13. Multiple ChoiceThe United States practicespure capitalismpure socialismpure communismmixed market
- 14. Multiple ChoiceThe founder of communismAdam SmithJohn LockeKarl MarxRousseau
- 15. Multiple ChoiceThis person wrote "The Wealth of Nations" and believed the government should have a limited role in business.John LockeAdam SmithCharles FourierKarl Marx
- 16. Multiple ChoiceThis economic system aims to make the best products for the lowest amount of money, which often times leads to bad treatment of workers.SocialismCommunismMixed Market EconomyCapitalism
- 17. Multiple ChoiceWhat was a long term result of the Industrial Revolution?A cleaner natural environmentAnimal PreservationWorker Unions and Labor LawsA second Neolithic Revolution
- 18. Multiple Choice______________get to make the economic decisions under capitalism.IndividualsGovernmentLiterally no oneThe President
- 19. Multiple Choice
In a communist society...
the government controls the means of production
the individual owns the means of production
wealth is distributed evenly amongst society
there is no wealth or private property
- 20. Multiple Choice
One problem with socialism is...
the rich will continue to get richer.
people will only work as hard as they need to.
those that don't work hard enough do not reap the benefits.
the government keeps all of the wealth.
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