ENG: Economic Systems Quiz

Which economic system proposes that individuals should pursue their own self-interest by working to earn individual profit?

• Socialism

• Capitalism

• Communism

• Feudalism

According to which economic system, the government should act to limit how much businesses can earn each year?

• Capitalism

• Socialism

• Anarchism

• Communism

Under which economic system, the government operates and owns all industries and no small businesses are allowed?

• Communism

• Capitalism

• Mercantilism

• Socialism

Who wrote about the economic system of capitalism in 'The Wealth of Nations'?

• Milton Friedman

• John Maynard Keynes

• Adam Smith

• Karl Marx and Freidrich Engles

Which economic system proposes to create a classless society by fighting to abolish class distinctions?

• Communism

• Socialism

• Capitalism

• Mercantilism

Under which economic system, the government should decide what a business does with its profits?

• Anarchism

• Communism

• Socialism

• Capitalism

Who owns businesses (means of production) under communism?

• Cooperatives

• Individuals

• The government

• Corporations

What are the employment options under capitalism?

• Most people work for the government

• You can work for whoever you want

• Some people work for the government

• You can only work for the government

What are the employment options under socialism?

• You can work for whoever you want

• Most people work for the government

• Some people work for the government

• You can only work for the government

What are the employment options under communism?

• You can work for whoever you want

• You can only work for the government

• Most people work for the government

• Some people work for the government