Economic Systems Quiz

What economic system advocates for minimal government interference in business?

• Mercantilism

• Socialism

• Laissez-faire

• Communism

Who was a leading advocate of laissez-faire economics and wrote "The Wealth of Nations"?

• Karl Marx

• Thomas Malthus

• Adam Smith

• Andrew Carnegie

What was one major change in economic thought during the late 1700s and early 1800s?

• Shift from capitalism to mercantilism

• Shift from socialism to communism

• Shift from mercantilism to capitalism

• Shift from communism to socialism

What does the term "laissez-faire" mean in French?

• "Free to trade"

• "Free to do"

• "Free to govern"

• "Free to compete"

Who was concerned about population growth caused by the development of industry?

• Adam Smith

• Thomas Malthus

• Andrew Carnegie

• Karl Marx

What economic pattern emerged as the main one in the Western world due to industrialization?

• Feudalism

• Socialism

• Industrial Capitalism

• Mercantilism

What role did the Industrial Revolution highlight as important for starting new businesses?

• Politician

• Entrepreneur

• Scientist

• Artist

Who was an example of "rags to riches" success in the American steel industry?

• Andrew Carnegie

• John D. Rockefeller

• Cornelius Vanderbilt

• Thomas Malthus

What term was used to describe industrialists who were criticized for their treatment of workers?

• Philanthropists

• Robber barons

• Socialists

• Capitalists

Which economic theory did Robert Owen support, advocating for society or government control of property and industry?

• Capitalism

• Socialism

• Feudalism

• Mercantilism