Economics Mini Unit Quiz

1. Who wrote the Communist Manifesto suggesting that society needed to become more economically equitable by governments taking complete control of the economy?

• Queen Victoria
• William Wilberforce
• Karl Marx
• Adam Smith

2. Who wrote the book the Wealth of Nations that discussed governments should have a "hands off" policy towards businesses and handling the economy?

• Queen Victoria
• William Wilberforce
• Karl Marx
• Adam Smith

3. What is laissez-faire policy?

• a policy that let workers set working conditions based on voting
• a policy where laborers created a committee to set working standards without interference by factory owners.
• a policy that taught factory owners how to set conditions based on government standards
• A policy that let factory owners set working conditions without interference from the government.

4. Which of the following is a key idea of the free-market/capitalist system?

• government's should protect the nation's industries from foreign competition with tariffs
• governments should establish minimum wage
• governments should have complete control of the means of production
• governments should not interfere in domestic or international businesses decisions (government should keep their hands off!)

5. An economic system in which the central government owns and operates major forms of industry while the private sector may own small businesses is called

• capitalism/market
• communism/command
• socialism/mixed
• traditional

6. An economic system in which the means of production are owned by the society as a whole (controlled by the government) and the goal is to get rid of social classes and competition is

• capitalism/market
• communism/command
• socialism/mixed
• traditional

7. An economic system in which the private sector controls all aspects of the economy is called

• captialism/market
• communism/command
• socialism/mixed
• traditional

8. With which of the following is BARTER associated?

• Command Economy
• Mixed Economy
• Market Economy
• Traditional Economy

9. With which of the following is SUPPLY AND DEMAND associated?

• Command Economy
• Mixed Economy
• Market Economy
• Traditional Economy

10. With which of the following is KARL MARX associated?

• Command Economy
• Mixed Economy
• Market Economy
• Traditional Economy