Isms Quiz

What is the basis of the economic system known as Capitalism?

• Government ownership of property

• Private (individuals) ownership of property

• Community ownership of property

• No ownership of property

In Capitalism, what do individuals use to attempt to make a profit?

• Government funds and resources

• Community resources and shared capital

• Their own capital (money) and means of production

• Natural resources and public funds

Who is considered the founder of capitalism?

• Karl Marx

• John Maynard Keynes

• Adam Smith

• Milton Friedman

What is the title of the famous work by Adam Smith that laid the foundations of capitalism?

• Das Kapital

• The General Theory of Employment, Interest, and Money

• The Wealth of Nations

• Capitalism and Freedom

Which of the following is an example of capitalism?

• Government ownership of property

• Private Property

• Centralized economic planning

• State-controlled markets

What does a free market in a capitalist system imply?

• Government sets prices

• No Government interference

• Government controls supply

• Government controls demand

Which law is fundamental to capitalism?

• The Law of Central Planning

• The Law of Government Control

• The Law of Supply and Demand

• The Law of State Ownership

Which of the following is encouraged in a capitalist economy?

• Government monopolies

• Entrepreneurship

• State-run enterprises

• Centralized control

In a capitalist system, who is accountable for their actions?

• The Government

• The Community

• The Individual

• The State

What is the definition of Socialism?

• A government that controls all facets of society and does not allow for free enterprise or private ownership.

• A government that controls many facets of society, but still allows for free enterprise and private ownership.

• A government that does not control any facets of society and allows for complete free enterprise and private ownership.

• A government that is the same as Communism.