Economics Unit Quiz

An economic system in which the state controls all property and capital, while claiming that all goods are equally shared by the people leading to equal social and economic status is called

• Socialism
• Democracy
• Communism
• Anarchy

An economic system in which the means of planning, producing and distributing goods is controlled by a central government that theoretically seeks a more just and equitable distribution of property and labor is called:

• Socialism
• Communism
• Democracy
• Monarchy

The below list is attributed to what type of economy:
-A form of government in which state owns most industries.
-A form of government in which people strive for economic equality.
-The government is responsible to create programs that benefit the poor (ie Healthcare)

• Capitalism
• Communism
• Free Enterprise.
• Socialism

This economic system has the MOST government control...

• capitalism
• mixed market
• communism
• socialism

What is a laissez faire capitalist approach to govt

• hands off (left alone, let it be)
• Extreme Control
• Trusting the government
• A mix of control and hands off

A socialist country might use which of the following?

• Heathcare vouchers to the unemployed
• Free housing to everyone in the country
• Tax break for the mega rich
• Education through private institutions only.

What is an economic system where only the government makes the economic decisions? 

• traditional economy
• free enterprise 
• mixed economy
• command economy

Governments should not interfere with the rights of individuals to make their own living

• Communism
• Capitalism
• Socialism

The United States has a mixed economy which is a combination of which two economic philosophies? 

• Capitalism and Socialism
• Capitalism and Laissez-Faire
• Capitalism and Communism
• Socialism and Communism 

Who were the fathers of Communism and Capitalism, respectively?

• Locke and Voltaire
• Meiji and Tokugawa
• Marx and Smith
• Cavour and Garabaldi