Economic Systems Quiz

What does capitalism mean in common usage?

• State ownership of common property

• Private ownership of means of production

• Community ownership of property

• Complete social equality via economic equality

Which economic system is generally seen as an idealized utopian state that the country as a whole is working toward?

• Communism

• Fascism

• Capitalism

• Socialism

What does socialism refer to most generally?

• Complete social equality via economic equality

• Community ownership of property

• Private ownership of means of production

• State ownership of common property

What is the word 'fascism' descended from?

• Symbol of peace and harmony

• Bundle of sticks used by the Romans

• Ancient Greek philosopher

• Roman Emperor

What does communism argue about labor?

• Labor belongs to the church

• Labor belongs to the business or factory owner

• Labor belongs to the state

• All labor belongs to the individual laborer

What is the United States' economic system that embraces both free markets and public welfare?

• Fascism

• Capitalism

• Communism

• Socialism

What is the main characteristic of a purely capitalist economy?

• Community ownership of property

• No public schools and state owned roads

• State ownership of common property

• Public schools and state owned roads

What is the main characteristic of a purely socialist state?

• Private ownership of means of production

• Community ownership of property

• State ownership of common property

• Complete social equality via economic equality

What is the main characteristic of communism?

• Private ownership of means of production

• Complete social equality via economic equality

• Community ownership of property

• State ownership of common property

What is the main characteristic of fascism?

• State ownership of common property

• Private ownership of means of production

• Community ownership of property

• Aggressive nationalism and often racism