Copy of Day 39: Development of Economic Systems

How many economic questions should society be answering in regards to the organization of their economy?

• 5 questions
• 2 questions
• 3 questions
• 4 questions

In his book, Wealth of Nations, Adam Smith for what type of economy?

• free enterprise system
• traditional economy
• authoritarian economy
• socialist economy

Who are the people who make and sell goods in a free enterprise system?

• consumers
• producers
• technicians
• representatives

What law in the free enterprise system determines the prices of goods and services?

• Law of Inertia
• Law of Search and Seizure
• Law of Motion
• Law of Supply and Demand

If the demand of a product or service is high, what happens to the price of that product/service?

• Price goes down
• Price goes up
• Price is stable

What is the economic theory that the government should interfere as little as possible in the economy?

• Supply and Demand
• Market economy
• Laissez-faire
• Communism

The other alternative economic systems to capitalism rose as a result due to what?

• desire for voting rights
• inequalities created by the industrial revolution
• fair civil rights
• looking for private ownership

Who were the two individuals who pushed for socialism reforms towards the economy?

• John Locke
• Robert Owen
• Louis Blanc
• Baron de Montesquie

A communist economy is also known as?

• Traditional economy
• Market economy
• Command economy
• Mixed economy

Which of the following are features of a Communist economy? (check all that apply)

• Classless society
• No private property
• No economic freedom
• Profits are illegal
• Supply and demand