Economic Theories (Chapter 9)

Who wrote the book The Wealth of Nations?

• John Hancock
• Adam Smith
• Alexander Bell
• John Hamilton

What is Capitalism?

• A system where the government controls business
• Capitalism is an economic system where the means of production are privately owned and operated for profit! 
• A economic system in which the people have limited rights
• An economic system in which most property and resources, such as factories or farms, are publicly owned or controlled.

What is an Entrepreneur?

• A business person who risks money in hopes of making a profit
• a member of the clergy who spreads Christianity
• A ship captain who sails caravels
• a wealthy noble who owes a debt to the king

What is capitalism based upon?

• government ownership of resources
• private ownership of resources 
• monarch's ownership of resources 
• no ownership of resources 

What controls the prices in a market place?

• supply and demand
• the marketplace
• government control
• raw materials

Capitalism is based on the _______ ownership of wealth.

• private
• public

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

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

Who argues that if workers were paid more, they would have more children 7 create a surplus of labor that would result in the poverty of all workers? 

• Adam Smith
• Karl Marx
• Richard Arkwright
• David Ricardo 

Who is the "Father of Capitalism"?

• Adam Smith

• Karl Marx

• Napoleon

• Peter the Great

Karl Marx

• Capitalism

• Communism