Economic & Political Theories

The economic theory of laissez-faire capitalism proposes that

• command economies should provide the greatest opportunity for national growth
• the practices of mercantilism should be expanded
• governments should not interfere with business
• the nobility should have strict control over business and industry

Which statement is supported by the ideas of Karl Marx?

• Countries should benefit from the wealth of their colonies.
• Industrial capitalism allows workers and employers to work together for a common purpose.
• Industrialization benefits the wealthy and exploits the poor.
• Private ownership of businesses helps workers.

In The Communist Manifesto, Karl Marx and Friedrich Engels expressed the idea that

• religion should be the most important factor in society
• profits from work should belong to the workers
• power should be determined by a person’s wealth
• supply and demand should control prices

Karl Marx predicted that laissez-faire capitalism would result in

• a revolution led by the proletariat
• an equal distribution of wealth and income
• fewer government regulations
• a return to manorialism

Laissez-faire practices are most closely associated with a

• command economy
• traditional economy
• mixed economy
• market economy

Which economic system is driven by competition and became popular during the Industrial Revolution?

• socialism

• communism

• democracy

• capitalism

An extreme form of socialism that views class struggle between employees and employers as unavoidable.  

• Impressionism
• Utilitarianism 
• Racism
• Communism

Who wrote Wealth of Nations and supported Laissez-Faire economics?

• Adam Smith

• David Ricardo

• Thomas Malthus

• John Wesley

Who wrote the Communist Manifesto?

• Charles Darwin

• Adam Smith

• Karl Marx

• Alfred Nobel

This economy is when competition from free enterprise makes economic decisions.

• Market
• Command
• Mixed
• Monopoly