Adam Smith and Karl Marx

Front

Which idea is most closely associated with laissez faire economics? Options: communes, trade unionism, subsistence agriculture, free trade

Back

free trade

Front

Adam Smith would most likely agree with which statement?
Options:
Revolution is the only solution to economic problems.
Five-year plans are necessary in order to industrialize.
All nations would benefit from an agricultural economy.
Government should follow a laissez-faire policy.

Back

Government should follow a laissez-faire policy.

Front

Laissez-faire capitalism as attributed to Adam Smith called for

Back

minimal government involvement in the economy

Front

Which characteristic is associated with an economy based on the principles of laissez-faire? Options: prices based on supply and demand, production quotas established by the central government, distribution of goods determined by the customs of a traditional society, some goods exchanged for other goods of equal value

Back

prices based on supply and demand

Front

Adam Smith’s Wealth of Nations stressed the importance of

Back

supply and demand

Front

What is a key principle of a market economy?

Back

Supply and demand determine production and price.

Front

Which heading best completes the partial outline below?
I. ___________________________________
A. Market system
B. Profit incentive
C. Entrepreneurs

Back

Characteristics of Capitalism

Front

During the 1800s, the writings of Marx, Engels, and Dickens focused attention on the problems faced by: factory owners, investment bankers, farm laborers, industrial workers.

Back

industrial workers

Front

Where did Karl Marx predict a revolution of the proletariat would occur first?

Back

industrial Europe

Front

Karl Marx and Friedrich Engels encouraged workers to improve their lives by

Back

overthrowing the capitalist system