Multiple Choice
Identify the
choice that best completes the statement or answers the question.
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1.
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Adam Smith provided a philosophy for this type of economic system.
a. | communist | c. | socialist | b. | mixed-market | d. | free market
(capitalism) |
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2.
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In this type of economy, the government owns the basic means of production
(factories, utilities, etc.).
a. | socialist | c. | laissez-faire | b. | free market | d. | capitalist |
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3.
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This system’s basics: Private property, free enterprise, make
profits
a. | socialist | c. | communist | b. | capitalism | d. | none of these |
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4.
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This system’s basics: battle of classes (workers v. owners), everyone will
ultimately work together and get along.
a. | socialist | c. | communist | b. | capitalism | d. | none of these |
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5.
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This system’s basics: No private property (government owns everything),
the system works for the benefit of all people, not just the wealthy
a. | socialist | c. | communist | b. | capitalism | d. | none of these |
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6.
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This system’s basics: No government, no ownership, no war, no money, no
freedom
a. | socialist | c. | communist | b. | capitalism | d. | none of these |
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7.
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This system’s basics: freedom, the chance to risk making (or losing)
money
a. | socialist | c. | communist | b. | capitalism | d. | none of these |
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8.
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Karl Marx believed that under this economic system one class would
evolve.
a. | free market | c. | socialism | b. | communism | d. | capitalism |
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Matching
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Match each item with the correct statement below. a. | laissez-faire | d. | communism | b. | capitalists-they own
everything | e. | capitalism | c. | workers |
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9.
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free enterprise system
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10.
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a hands-off policy
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11.
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bourgeoisie
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12.
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proletariat
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13.
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command economy
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