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WorksheetsCaptialism socialism communism
Total questions: 40
Worksheet time: 56mins
Name
Class
Date
1.
Which is NOT a characteristic of Capitalism?
a)
Market Economy
b)
Supply and Demand
c)
Freedom of Competition
d)
Classless Society
2.
Laissez-faire means...
a)
Hats off
b)
Hands around
c)
Hands off
d)
Hands on
3.
The government or groups of workers might control these resources but the profits are divided among the people.
a)
Capitalism
b)
Communism
c)
Socialism
d)
Mixed Economy
4.
In a socialist economy, the wealth is distributed evenly among citizens.
a)
True
b)
False
5.
This economic system is based on competition, profits, and self-interest.
a)
Socialism
b)
Communism
c)
Capitalism
6.
In a "pure" communist society, who are the wealthiest and most powerful people?
a)
Intellectuals
b)
Business leaders
c)
Military leaders
d)
No One--every member of society is supposed to be equal
7.
In a Communist country, workers have no ________ to work harder.
a)
Time
b)
Help
c)
Ability
d)
Incentive
8.
According to the law of supply and demand, how does the scarcity of product that is in high demand affect prices?
a)
Scarcity of a high demand product stablizes the market value of the product.
b)
Scarcity of a high demand product increases the market value of the product.
c)
Scarcity of a high demand product neutralizes the market value of the product.
d)
Scarcity of a high demand product decreases the market value of the product.
9.
How does socialism differ from capitalism?
a)
In socialism, the goverment controls the means of production; whereas, capitalism focuses on the private owner.
b)
In socialism, the goverment provides subsidies for small buisnesses; whereas, capitalism only depends on the corporations to spark the economy.
c)
In socialism, the goverment does not provide any form on humanitarian aid; whereas, capitalism funds small buisness with tax relief.
d)
In socialism, the government controls what the consumer can purchase; whereas, capitalism controls what the business can market.
10.
According to the law of supply and demand, how does over-manufacturing of a product affect the price?
a)
Over-manufacturing reduces the price of a product.
b)
Over-manufacturing creates jobs to improve the economy.
c)
Over-manufacturing raises prices to offset production costs.
d)
Over-manufacturing leads to peaks in the business cycle.
11.
What does communism believe in?
a)
Economic system with individuals having private ownership of money/production.
b)
Maintaining total control over society.
c)
Economic equality through elimination of private property.
d)
A government of the people, by the people, for the people.
12.
Karl Marx's ideas inspired
a)
free market economies
b)
democracies
c)
technological innovation
d)
dictatorships
13.
The United States practices
a)
pure capitalism
b)
pure socialism
c)
pure communism
d)
mixed market
14.
The founder of communism
a)
Adam Smith
b)
John Locke
c)
Karl Marx
d)
Rousseau
15.
This person wrote "The Wealth of Nations" and believed the government should have a limited role in business.
a)
John Locke
b)
Adam Smith
c)
Charles Fourier
d)
Karl Marx
16.
This economic system aims to make the best products for the lowest amount of money, which often times leads to bad treatment of workers.
a)
Socialism
b)
Communism
c)
Mixed Market Economy
d)
Capitalism
17.
What was a long term result of the Industrial Revolution?
a)
A cleaner natural environment
b)
Animal Preservation
c)
Worker Unions and Labor Laws
d)
A second Neolithic Revolution
18.
______________get to make the economic decisions under capitalism.
a)
Individuals
b)
Government
c)
Literally no one
d)
The President
19.
In a communist society...
a)
the government controls the means of production
b)
the individual owns the means of production
c)
wealth is distributed evenly amongst society
d)
there is no wealth or private property
20.
One problem with socialism is...
a)
the rich will continue to get richer.
b)
people will only work as hard as they need to.
c)
those that don't work hard enough do not reap the benefits.
d)
the government keeps all of the wealth.
21.
Wrote the Wealth of Nations
a)
Karl Marx
b)
Adam Smith
22.
Laissez Faire
a)
Karl Marx
b)
Adam Smith
23.
Supported free trade and free markets (no restrictions)
a)
Karl Marx
b)
Adam Smith
24.
"Father of Capitalism"
a)
Karl Marx
b)
Adam Smith
25.
Individuals should pursue self-interest
a)
Karl Marx
b)
Adam Smith
26.
No need for government regulation of the economy
a)
Karl Marx
b)
Adam Smith
27.
The factors of production should be privately owned by individuals or businesses.
a)
Karl Marx
b)
Adam Smith
28.
Critical of capitalism
a)
Karl Marx
b)
Adam Smith
29.
Wrote the Communist Manifesto and Das Kapital
a)
Karl Marx
b)
Adam Smith
30.
the proletariat (workers) should unite and overthrow the capitalist bourgeoisie (wealthy class)
a)
Karl Marx
b)
Adam Smith
31.
Father of Marxism / Father of Communism
a)
Karl Marx
b)
Adam Smith
32.
In a socialist economy, the wealth is distributed evenly among citizens.
a)
True
b)
False
33.
What is Capitalism?
a)
A system where the government controls business
b)
Capitalism is an economic system where the means of production are privately owned and operated for profit!
c)
A economic system in which the people have limited rights
d)
An economic system in which most property and resources, such as factories or farms, are publicly owned or controlled.
34.
______________get to make the economic decisions under capitalism.
a)
Individuals
b)
Government
c)
Literally no one
d)
The President
35.
A good is an object people want that they can touch or hold.
a)
True
b)
False
36.
Which of the following is NOT a good?
a)
A basketball
b)
A pair of shoes
c)
Teaching
d)
PS4
37.
Which of the following is NOT a service?
a)
Lloyd's Haircutting Service
b)
China Grove Middle School
c)
iPhone 6s - Rose Gold
d)
Lake Norman Hospital
38.
Laissez-faire means...
a)
Hats off
b)
Hands around
c)
Hands off
d)
Hands on
39.
In a socialist country, citizens pay LESS in taxes than those who live in a capitalist country.
a)
True
b)
False
40.
This person wrote "The Wealth of Nations" and believed the government should have a limited role in business.
a)
Bernie Sanders
b)
Adam Smith
c)
Charles Fourier
d)
Hillary Trump
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