Economics

What is Economics?

• A. Varies depending on the economic system.

• B. Government should have total control.

• C. Government should have no control.

• D. Government should act as a referee.

   

What is the main characteristic of Capitalism

•  

     A. Government decides what to produce.

•    B. Individuals and the market decide production and distribution.

• C. Government owns and controls all manufacturing.

•    D. Government plans the economy to eliminate disparities.

4. Who advocated for laissez-faire capitalism in "The Wealth of Nations

• A. Karl Marx

•    B. Robert Owen

• C. Adam Smith

• D. Friedrich Engels

5. What does Utopianism propose?

• A. Government control over resources.

•    B. Collective ownership and contributions for the common good.

•    C. Minimal government intervention in the market.

• D. Wealth accumulation for individuals.

6. What is the major difference between Capitalism and Communism regarding ownership?**

• A. Private ownership in Capitalism; Collective ownership in Communism.

• B. Collective ownership in both Capitalism and Communism.

• C. Government ownership in Capitalism; Private ownership in Communism.

• D. Private ownership in both Capitalism and Communism.

7. What did Karl Marx advocate for in his theory?

• A. Total government control over businesses

• B. Inevitable class struggle leading to a classless society

• C. Limited government intervention in the economy

• D. Elimination of market competition.**

8. In which economic system does the government act as a referee?

• Socialism

• Communism

• Capitalism

• Utopianism

9. What was the role of Adam Smith's "invisible hand" in the economy

• A. Government intervention in the market

• B. Wealth accumulation for individuals

• C. Market response to public demand without government involvement.

• D. Elimination of economic disparities

10. What is the main focus of Economics regarding resources?

• A. Fulfilling unlimited needs with unlimited resources.

• B. Allocating limited resources for production, distribution, and consumption.

• C. Fulfilling unlimited wants with limited resources.

• D. Eliminating the concept of limited resources.