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- 1. Multiple Choice
What is the perspective of the following quote:
"POVERTY AND SUFFERING ARE NOT DUE TO THE UNEQUAL DISTRIBUTION OF GOODS AND RESOURCES BUT TO THE UNEQUAL DISTRIBUTION OF CAPITALISM"
Anti-capitalist because he believes that capitalist systems are unable to distribute goods and services equitably
Pro-capitalist because he argues that capitalist systems continue to expand the production of goods and services.
Anti-Capitalist because he implies that capitalist systems encourage the wasteful use of natural resources.
Pro-capitalist because he suggests that hardships are lessened if capitalism is more universally implemented
- 2. Multiple Choice
By pursuing his own interest, he frequently promotes that of the society more effectually than when he really intends to promote it.
The author of the quote would believe that self interest...
Creates economic instability
Encourages class struggle
Creates broad based prosperity
Encourages the exploitation of resources
- 3. Multiple Choice
Which of the following is NOT one of the questions that ALL economic systems answer?
What will we produce?
How will we produce it?
For whom will it be produced?
When does production start?
- 4. Multiple Choice
In which economic system is ALL property owned by individuals?
Traditional Economy
Command Economy
Market Economy
Mixed Economy
- 5. Multiple ChoiceWhat is capitalism?government control of production and goodsprivate control of production and goods for profitemployee control of production, goods, and profitinternational control of production and goods for profit
- 6. Multiple ChoiceLaissez-faire means...Hats offHands aroundHands offHands on
- 7. 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.
- 8. 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.
- 9. 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.
- 10. Multiple ChoiceThis person wrote "The Wealth of Nations" and believed the government should have a limited role in business.John LockeAdam SmithCharles FourierKarl Marx
- 11. Multiple ChoiceWhat societal problem did Karl Marx attempt to address in his manifesto? Choose the best answer.The exploitation of the poor by the richThe low quality of good produced at large factories.The fact that poor people were not allowed to vote.Unfair laws that allow poor people to be sent to prison
- 12. Multiple ChoiceAccording to Marx, workers would take control of governments through:Non-violent protestDemocratic reformsViolent revolutionTrickery
- 13. Multiple Choice
All of the following are the benefits of capitalism EXCEPT
freedom to choose whatever consumers want to buy
encourages innovation
incentive to be rich
equality among people
- 14. Multiple Choice
The idea that individuals in a society get to choose the products they want through their dollar vote is due to the idea of...
Consumer sovereignty
Demand economics
Individual choice
Consumer incentive
- 15. Multiple Choice
Scarcity
Equality
DIsparity
Prosperity
- 16. Multiple Choice
Fewer choices for products and services
Innovation in products and services
Increased number of monopolies
Standardization of products and services
- 17. Multiple Choice
The unequal distribution of wealth in the Free Market Economy
The inefficient spending of taxpayer dollars in the Planned Economy
The excessive use of government force in the Planned Economy
The constant use of taxation to pay off debts in the Free Market Economy
- 18. Multiple Choice
Collective interest and state control
Creativity and independence
Self-interest and loyalty
Personal freedom and consumer choice
- 19. Multiple Choice
In a planned economy, when a government controls the supply of resources, which of the following is most limited?
Private property
Consumer sovereignty
Individual rights
Worker incentive
- 20. Multiple Choice
Which ideology supports the idea that equality can be achieved through peaceful means?
Mercantilism
Capitalism
Communism
Democratic Socialism
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