World History Reading Guide Chapter 5 Section 4

Laissez faire economics is:

• A system where the government has minimal interference in the economy.

• A system where the government controls all economic activity.

• A system focused on environmental sustainability.

• A system based on barter trade.

Adam Smith was:

• a famous scientist

• a renowned economist

• a celebrated artist

• a political leader

Who was an advocate of Utilitarianism?

• Immanuel Kant

• John Stuart Mill

• René Descartes

• Friedrich Nietzsche

Utilitarianism is:

• A theory that emphasizes the greatest happiness for the greatest number

• A belief in strict adherence to rules regardless of outcomes

• A philosophy that values tradition above all else

• A system based on individual rights only

Socialism is:

• a political system based on hereditary monarchy

• an economic system where the means of production are owned and regulated by the community

• a philosophy that supports absolute free market capitalism

• a form of government led by a single dictator

Under socialism, the means of production are controlled by:

• Private individuals

• The government or the people collectively

• Foreign investors

• Religious organizations

Karl Marx was:

• A famous painter

• A German philosopher and economist

• An American president

• A French scientist

The Have-Nots in society were:

• the wealthy elite

• the middle class

• the poor and disadvantaged

• the ruling class

Adam Smith economic theory is described in...

• The Wealth of Nations

• Rip Van Winkle

• Evangaline

• The Communist Manifesto

When the government is “hands off” the economy and doesn't make laws/rules to limit business

• social darwinism

• industrialization

• laissez-faire

• urbanization