Economic Systems Review

Front

Who wrote Wealth of Nations?

Back

Adam Smith

Front

Who wrote The Communist Manifesto?

Back

Karl Marx

Front

Adam Smith's theory is known as the ...

Back

Invisible Hand

Front

What did Karl Marx think would happen between the working class citizens and owners of the means of production?

Back

Class Warfare

Front

Which economic system allows for free markets? Options: Capitalism, Communism, Socialism, Mercantilism

Back

Capitalism

Front

Which economic system allows for ownership of private property? Options: Capitalism, Communism, Socialism, Mercantilism

Back

Capitalism

Front

Which economic system has the least government interference? Options: Capitalism, Communism, Socialism, Mercantilism

Back

Capitalism

Front

Free Market Economy is another term for which economic system? Options: Capitalism, Communism, Socialism, Mercantilism

Back

Capitalism

Front

Which statement below best describes Adam Smith's theory of the Invisible Hand? More government control over production leads to the most wealth, Less government control over the economy leads to the most wealth, Heavy taxation and equal pay for everyone regardless of their job leads to the most wealth, People looking out for their own best interest creates the most efficient use of resources for the economy.

Back

People looking out for their own best interest creates the most efficient use of resources for the economy.

Front

Communism calls for the prohibition of what to keep people from becoming too wealthy?

Back

owning private property