Capitalism and Socialism

Who developed laissez-faire economics as a en economic philosophy? 

• Adam Smith
• Karl Marx
• John Locke
• Louis XVI

Smith believed that the economy operated according to three natural laws involving this concept...

• self-interest
• compassion
• citizenship
• trustworthiness 

While Adam Smith believed that the government should be involved in all of the following areas EXCEPT: 

• military
• property 
• business
• nothing at all

All of the following are negative effects of laissez-faire economics EXCEPT...

• wealthy nation
• child labor
• city slums
• neglected education 

A good is an object people want that they can touch or hold.

• True
• False

Which of the following is NOT a good?

• A basketball
• A pair of shoes
• Teaching 
• PS4

Which is NOT a characteristic of Capitalism?

• Market Economy
• Supply and Demand
• Freedom of Competition
• Classless Society

Laissez-faire means...

• Hats off
• Hands around
• Hands off
• Hands on

The government or groups of workers might control these resources but the profits are divided among the people.

• Capitalism
• Communism 
• Socialism
• Mixed Economy

In a socialist economy, the wealth is distributed evenly among citizens.

• True
• False