Marxism and Communism

Who is the philosopher and economist after whom Marxism is named?

• Friedrich Hayek

• Karl Marx

• John Maynard Keynes

• Adam Smith

What does Marxism argue is needed to replace capitalism?

• A new economic policy

• A technological advancement

• A worker revolution

• A democratic election

According to Marxism, what defines economic relations in a capitalist economy?

• Government policies

• Technological advancements

• Market demand

• Struggle between social classes

What is the primary focus of Marxian economics?

• Criticism of capitalism

• Promotion of free markets

• Analysis of consumer behavior

• Development of new technologies

What is the term for the theory that society is ordered by the type of organization and technology used in production?

• Social contract theory

• Capitalist theory

• Utilitarianism

• Historical materialism

What does the labor theory of value (LTV) state?

• Value is determined by market demand

• Value is determined by government policies

• Value is measured by the average number of hours of labor required to produce a product

• Value is determined by the cost of raw materials

What did Marx predict would happen to capitalism?

• It would thrive indefinitely

• It would be replaced by socialism

• It would self-destruct

• It would merge with communism

What is the term for the class of business owners in a capitalist society?

• Peasantry

• Aristocracy

• Bourgeoisie

• Proletariat

What is the term for the class of workers in a capitalist society?

• Peasantry

• Bourgeoisie

• Aristocracy

• Proletariat

What did Marx believe would be the result of the inherent inequalities in capitalism?

• Increased government control

• A revolution by the working class

• Technological advancements

• Economic stability