10 questions
In which economic system is the economy COMPLETELY controlled by the government?
capitalism
socialism
communism
anarchism
In which economic system do private individuals and government SHARE control of the economy?
capitalism
socialism
communism
anarchism
In which economic system do private individuals control the economy?
capitalism
socialism
communism
anarchism
Minimum wage laws and product-labeling laws would likely be found in which form of capitalism?
laissez-faire capitalism
mixed economy
anarcho-capitalism
feudalism
In this form of capitalism, the government adopts a "hands-off" policy toward the economy.
laissez-faire capitalism
mixed economy
anarcho-capitalism
feudalism
Who is known as the father of capitalism, whose 1776 book "The Wealth of Nations" advocated laissez-faire theory?
Karl Marx
Adam Smith
John Maynard Keynes
F. A. Hayek
Who is known as the father of modern socialism and communism, who believed that capitalism should be overthrown through violent revolution?
Karl Marx
Adam Smith
John Maynard Keynes
F. A. Hayek
The process of converting a business or industry from government ownership to private ownership is:
collectivization
privatization
openness
restructuring
The process of converting a business or industry from private ownership to government ownership is:
collectivization
privatization
openness
restructuring
Which of the following refers to a situation in which one business has total control of a product or service and can charge any price for it?
collectivization
monopoly
free market
capital