Socialism and Economics Quiz

Socialism is defined as

• a totalitarian political system in which one or a few people control all government and economic decisions

• a political system in which the masses (the people) rule

• an economic system in which the means of producing goods and services are collectively owned

• an economic system based on commercialization of the means of production

Which of the following countries are examples of socialism?

• United States, Japan, Germany

• China, Russia, India

• Sweden, Cuba, Venezuela

• Australia, Brazil, Canada

Demand in economics is:

• A buyer's willingness to buy a product at a given price

• An urgent need

• Something claimed or due as owed

• The amount of a product available for sale

In socialism, who typically owns and controls businesses?

• The government or the community as a whole

• Private individuals

• Foreign investors

• Large corporations

What is the primary entity that owns and controls the means of production in a socialist economic system?

• Private individuals

• Businesses

• State or public

• Foreign investors

What is a primary objective pursued in capitalism as an economic system?

• Wealth redistribution

• Profit maximization

• Government control

• Social equality

Demand is defined as...

• anything a consumer wants

• anything a consumer needs

• the desire to own something and the ability to pay for it

Which of the following is a benefit of socialism as an economic system?

• Increased income inequality

• Reduced government intervention

• Economic equality and social welfare

• Emphasis on individual profit

Which of the following is a disadvantage associated with capitalism?

• Economic equality

• Reduced government intervention

• Wealth redistribution

• Income inequality

Socialism is an example of a _______ economy where the _______ is/are at the center.

• Market; people

• Free; monopoly

• Specialized; market

• Command; government