Exploring the Philosophies of Adam Smith and Karl Marx

Who is considered the father of capitalism?

• Karl Marx

• David Ricardo

• Thomas Malthus

• Adam Smith

What book did Adam Smith write that defends the idea of a free market?

• Principles of Political Economy

• The Wealth of Nations

• The Communist Manifesto

• Das Kapital

According to Adam Smith, what law drives people to work and improve their lives?

• Law of Supply and Demand

• Law of Self-Interest

• Law of Economic Liberty

• Law of Competition

How does competition affect the quality of products, according to Adam Smith?

• Decreases quality due to cost-cutting

• Has no effect on quality

• Increases quality through innovation

• Quality is determined by government regulations

What concept did Adam Smith introduce that suggests minimal government intervention?

• Keynesian economics

• Marxism

• Laissez-faire economics

• Socialism

What is the primary critique Karl Marx had against capitalism?

• It relies on supply and demand

• It encourages self-interest

• It promotes free trade

• It leads to permanent social classes

According to Marx, what would the gap between the rich and the poor lead to?

• More government regulations

• Economic stability

• Revolution and the overthrow of capitalism

• Increased competition

What did Marx predict would happen to small family-owned businesses?

• They would dominate the market

• They would become corporations

• They would merge with other businesses

• They would be destroyed by factories

What is the final stage of society according to Marx?

• Capitalism

• Social democracy

• Feudalism

• Pure communism

Were Marx's predictions about society and economy accurate?

• Yes, entirely

• No, not at all

• Partially correct

• Only in certain countries