WH 4.2 CC WH #33 Quiz on Capitalism

What is capitalism?

• A cultural system that emphasizes collective ownership and control

• A political system that promotes equality and social welfare

• An economic system characterized by innovation and investment to increase wealth

• A religious system based on the worship of money

What is mercantile capitalism?

• A system of joint stock companies to finance trade

• An economic system that relies on investment of capital in machines and technology

• A practice of borrowing money to buy goods for resale

• A global phenomenon of borrowing money for trade missions

What is industrial capitalism?

• A practice of borrowing money to buy goods for resale

• An economic system that relies on investment of capital in machines and technology

• A global phenomenon of borrowing money for trade missions

• A system of joint stock companies to finance trade

What contributed to the development of industrial capitalism in Britain?

• All of the above

• Dominance in international trade

• Increased agricultural productivity

• Civil unrest resulting from the English Civil War

What is one criticism of industrial capitalism in the 19th century?

• Child labor

• Long working hours and low wages

• Miserable working conditions

• All of the above

What is socialism?

• An economic system characterized by innovation and investment to increase wealth

• A political system that promotes equality and social welfare

• A cultural system that emphasizes collective ownership and control

• A religious system based on the worship of money

Who popularized the idea that individuals are consumers as well as producers?

• Thomas Mun

• Auguste Blanqui

• Karl Marx

• John Cary

What is the main idea behind Marx's theory of class struggle?

• Classes struggle to make history

• Classes develop a sense of themselves through conflict

• Capitalism replaces egalitarian collaboration with conflict

• All of the above

What is one criticism of socialism?

• Lack of individual freedom

• Inefficiency in resource allocation

• All of the above

• Centralized control of the economy

What has been the outcome of the struggle between capitalism and socialism?

• Capitalism has prevailed

• Socialism has prevailed

• None of the above

• Both systems coexist peacefully