Econ Systems Quiz

What is the main idea behind communism?

• Private ownership of all property

• Public ownership of all property

• Limited government intervention in the economy

• Free market competition

Which economic system is based on the principle of private property and free market?

• Socialism

• Communism

• Capitalism

• Feudalism

In which system does the government play a significant role in regulating the economy?

• Capitalism

• Socialism

• Anarchism

• Libertarianism

What is a key feature of a capitalist economy?

• Government ownership of production

• Profit sharing among all workers

• Competition among businesses

• Equal wealth distribution

Which of the following is NOT a characteristic of communism?

• Classless society

• Free market policies

• State ownership of resources

• Abolition of private property

What does socialism aim to reduce?

• Competition

• Innovation

• Inequality

• Investment

Which system can be described as a transition state between capitalism and communism according to Marxist theory?

• Socialism

• Anarchism

• Totalitarianism

• Democracy

Who is one of the main historical figures associated with the development of communist theory?

• Adam Smith

• Karl Marx

• John Locke

• Milton Friedman

What is typically prioritized in a capitalist economy?

• Collective welfare

• Individual profit

• Government control

• Environmental protection

Which of the following best describes a planned economy?

• Decisions are made by individual businesses

• Market forces determine production and prices

• Government plans and controls economic activity

• Consumers directly control production