Capitalism EOC pgs 83-84

What does the term "commerce" refer to in the context of the US economy?

• Manufacturing goods

• Buying and selling of goods

• Farming

• Technology development

What did Hamilton believe would be a part of the US economy?

• Only agriculture

• Only industry

• A mixture of agrarian, industry, and commerce

• Only commerce

Which of the following is a characteristic of a mixed economy more so than an agrarian economy according to the text?

• Equality

• Inequality

• Technological advancement

• Agricultural focus

Which of the following is a component of the mixed economy described?

• Technology

• Commerce

• Healthcare

• Education

What is the Industrial Revolution associated with?

• Change to digital work

• Change to factory work

• Change to agricultural work

• Change to manual work

What does 'capital' refer to in the context of capitalism?

• Money only

• The means of production

• Natural resources

• Labor force

Which of the following is NOT considered part of the means of production in capitalism?

• Land

• Equipment

• Purchased labor

• Government policies

What did Adam Smith suggest as the way to become wealthier?

• Gain capital

• Increase taxes

• Expand territory

• Reduce imports

Who wrote that people should be free to compete with one another to create better and cheaper goods and services?

• Karl Marx

• Adam Smith

• John Maynard Keynes

• Milton Friedman

What is the term used to describe the competition where people are free to compete to create better goods and services?

• Monopoly

• Oligopoly

• Free market

• Command economy