Adam Smith VS Karl Marx (RETAKE)

Adam Smith VS Karl Marx (RETAKE)

Assessment

Assessment

Created by

Stephanie Porter

History

9th Grade

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15 questions

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1.

Multiple Choice

1 min

1 pt

Adam Smith would most likely agree with which statement?

Revolution is the only solution to economic problems.

Five-year plans are necessary in order to industrialize.

All nations would benefit from an agricultural economy.

Government should follow a laissez-faire (hands off) policy.

2.

Multiple Choice

1 min

1 pt

Laissez-faire capitalism as attributed to Adam Smith called for

heavy taxation of manufacturers

strict government control of the economy

minimal/limited government involvement in the economy

government investments in major industries

3.

Multiple Choice

1 min

1 pt

Which characteristic is associated with an economy based on the principles of laissez-faire?

prices based on supply and demand

production quotas established by the central government

distribution of goods determined by the customs of a traditional society

some goods exchanged for other goods of equal value

4.

Multiple Choice

1 min

1 pt

Adam Smith’s Wealth of Nations stressed the importance of

tradition

supply and demand

large corporations

government ownership on industry

5.

Multiple Choice

1 min

1 pt

What is a key principle of a market economy?

The means of production are controlled by the state.

Supply and demand determine production and price.

Employment opportunities are determined by social class.

Businesses are owned by the people collectively.

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