Which economic system is characterized by private ownership and free markets?
Visionaries of Economics

Quiz
•
Social Studies
•
5th Grade
•
Easy
TIMOTHY BALASA
Used 1+ times
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15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Capitalism
Socialism
Communism
Feudalism
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: Karl Marx is best known for his work on ________.
Capitalism
Socialism
Communism
Feudalism
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who wrote 'Das Kapital'?
Adam Smith
Karl Marx
John Maynard Keynes
Milton Friedman
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: The concept of the 'invisible hand' is associated with ________.
Adam Smith
Karl Marx
John Maynard Keynes
Milton Friedman
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a key feature of socialism?
Private ownership
Free markets
Collective ownership
Laissez-faire
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is known for the theory of comparative advantage?
David Ricardo
Karl Marx
John Maynard Keynes
Milton Friedman
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: The theory of ________ suggests that countries should specialize in producing goods they can produce most efficiently.
Absolute Advantage
Comparative Advantage
Opportunity Cost
Supply and Demand
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