Visionaries of Economics

Which economic system is characterized by private ownership and free markets?

• Capitalism

• Socialism

• Communism

• Feudalism

Fill in the blank: Karl Marx is best known for his work on ________.

• Capitalism

• Socialism

• Communism

• Feudalism

Who wrote 'Das Kapital'?

• Adam Smith

• Karl Marx

• John Maynard Keynes

• Milton Friedman

Fill in the blank: The concept of the 'invisible hand' is associated with ________.

• Adam Smith

• Karl Marx

• John Maynard Keynes

• Milton Friedman

Which of the following is a key feature of socialism?

• Private ownership

• Free markets

• Collective ownership

• Laissez-faire

Who is known for the theory of comparative advantage?

• David Ricardo

• Karl Marx

• John Maynard Keynes

• Milton Friedman

Fill in the blank: The theory of ________ suggests that countries should specialize in producing goods they can produce most efficiently.

• Absolute Advantage

• Comparative Advantage

• Opportunity Cost

• Supply and Demand

Which economist is associated with the concept of 'creative destruction'?

• Joseph Schumpeter

• Karl Marx

• John Maynard Keynes

• Milton Friedman

What is a 'vision' according to the document?

• A dream

• A sense of looking at, understanding, and explaining how the world works

• A type of economic system

• A historical event

What does Smith believe prompts us to work hard and take risks?

• Our self-interest

• Government policies

• Social pressure

• Economic necessity