Mr. T Capitalism, Socialism and Communism video and quiz

What is the primary goal of communism?

• To ensure all production and distribution decisions are made by individuals

• To allow competitive buying and selling in the market

• To maximize profits through private ownership

• To establish a classless system where means of production are owned communally

Who were the key figures in developing the theory and practice of communism?

• Adam Smith and David Ricardo

• Vladimir Lenin and Joseph Stalin

• Karl Marx and Friedrich Engels

• John Maynard Keynes and Milton Friedman

Which of the following has never been fully achieved according to the text?

• A purely communist state

• A capitalist economy without socialist aspects

• Private ownership in a socialist economy

• A socialist system with competitive buying and selling

What does socialism advocate for?

• Private property and free market

• Collective ownership of the means of production

• Maximizing profits for individual entrepreneurs

• Competitive buying and selling in the market

What is a key feature of capitalism?

• The government makes all production and distribution decisions

• There is no competitive buying and selling in the market

• Private individuals and enterprises own the means of production

• Production is primarily for use rather than for profit

Which economic system developed historically out of feudalism and mercantilism in Europe?

• Monarchism

• Capitalism

• Communism

• Socialism