Know the Difference

Economics is a social science that deals with the _______, distribution, and consumption of goods and services.

• production

• exchange

• marketing

• storage

What are the three types of economic systems mentioned under 'How They Work'?

• Traditional, Command, Market

• Traditional, Mixed, Market

• Command, Market, Mixed

• Traditional, Command, Mixed

The four political ideologies mentioned under 'Political Ideology' are:

• Liberalism, Conservatism, Socialism, and Libertarianism

• Liberalism, Anarchism, Communism, and Fascism

• Conservatism, Socialism, Anarchism, and Communism

• Libertarianism, Fascism, Socialism, and Anarchism

Which of the following is a major economic system during the Industrial Revolution?

• Feudalism

• Capitalism

• Mercantilism

• Barter System

The three major economic systems during the Industrial Revolution were:

• Capitalism, Socialism, and Communism

• Feudalism, Mercantilism, and Capitalism

• Monetarism, Keynesianism, and Socialism

• Anarchism, Syndicalism, and Mutualism

What political and economic systems did the United States and its western allies want to spread after World War II?

• A) Communism and Socialism

• B) Democracy and Capitalism

• C) Monarchy and Feudalism

• D) Fascism and Totalitarianism

Who wrote the book 'The Wealth of Nations'?

• Karl Marx

• Adam Smith

• John Maynard Keynes

• David Ricardo

When was 'The Wealth of Nations' published?

• March 9th, 1776

• July 4th, 1776

• January 1st, 1800

• December 25th, 1750

Adam Smith did not invent ________, but he described it better than anybody else at the time.

• capitalism

• socialism

• communism

• feudalism

The economic system that emphasizes private ownership of the factors of production, freedom of choice, and individual incentive is known as:

• Capitalism

• Socialism

• Communism

• Feudalism