Adam Smith VS Karl Marx (RETAKE)

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.

6.

Multiple Choice

1 min

1 pt

During the 1800s, the writings of Marx, Engels, and Dickens focused attention on the problems faced by

factory owners

investment bankers

farm laborers

working class

7.

Multiple Choice

1 min

1 pt

Karl Marx and Friedrich Engels encouraged workers to improve their lives by

electing union representatives

participating in local government

overthrowing the capitalist system

demanding pensions and disability insurance

8.

Multiple Choice

30 sec

1 pt

Scottish Professor who believed that a successful economy is based on competition and the free market.

Adam Smith

Bourgeoisie

Capital

Capitalism

9.

Multiple Choice

30 sec

1 pt

The capitalist class who own most of society's wealth and means of production.

Adam Smith

Bourgeoisie

Capital

Capitalism

10.

Multiple Choice

30 sec

1 pt

Wealth in the form of money or other assets owned by a person or organization. Many use this to invest.

Adam Smith

Bourgeoisie

Capital

Capitalism

11.

Multiple Choice

30 sec

1 pt

An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state (government).

Adam Smith

Bourgeoisie

Capital

Capitalism

12.

Multiple Choice

30 sec

1 pt

A political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

Communism

Free enterprise system

Karl Marx

Law of competition

13.

Multiple Choice

30 sec

1 pt

A policy or attitude of letting things take their own course, without interfering. (a "hands-off" approach, not letting the government get involved).

Laissez-faire

Law of supply and demand

Proletariat

Socialism

14.

Multiple Choice

30 sec

1 pt

Workers or working class people.

Laissez-faire

Law of supply and demand

Proletariat

Socialism

15.

Multiple Choice

30 sec

1 pt

According to Karl Marx, the history of all societies is a struggle between what?

religions

countries

economic classes

race

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