Utopian socialists like Robert Owen criticized the inhumane aspects of capitalism and wanted

To modify capitalism & educate & improve working conditions

In 'Hard Times', Charles Dickens is critiquing...

The Industrial Revolution in England

Karl Marx was considered radical during his time because he

Favoured to overthrow the class system through a revolt

Consumer Sovereignty is...

Freedom that consumers have to make own economic decisions

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Economic Systems

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A social studies 30 review for the economic systems unit.

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Questions 20

Answers

1
Which is NOT one of the 4 key economic questions?
What to produce?
How to pay workers fairly?
Who decides who distributes the goods?
How to produce it?
2
Adam Smith believed that the government's role in the economy should be...
Increased
Semi-Involved
Limited
Expansive
3
Collectivism places ... over the needs of individuals
Efficiency
The common good
Self-interest
Competition
4
Adam Smith did not like the unfair economics of
Mercantilism
Communism
Capitalism
Fascism
5
Utopian socialists like Robert Owen criticized the inhumane aspects of capitalism and wanted
To modify not completely change capitalism
To pursue education and improve working conditions
To modify capitalism & educate & improve working conditions
To practice the principles of a centrally planned economy
6
Which of the following is true about the Industrial Revolution?
Both 1 & 3 are correct
Was criticized for exploitation of labour
Demonstrates free market principles in action
Started in America in 1950s
7
Which is NOT a principle of individualism
Competition
Economic Freedom
Economic Equality
Private Property
8
Marx believed that a ... was inevitable
Dictator would take over the country and kill millions
Revolution
Peaceful Protest
War
9
The man who was influenced by the French physiocrats and wrote 'The Wealth of Nations' was
Adam Smith
Thomas Hobbes
Adam Levine
Karl Marx
10
Supporters of self-reliance and self-sufficiency believe
A free-market economy is best
Both 2 & 3
People should take care of themselves
People should rely on the government
11
The fundamental economic problem is
What to Produce
Price on Goods
Long-term Prosperity
Scarcity
12
In a communist society, decision making will lay in the hands of
Public Ownership
The Bourgeoisie
The Government
The Consumers
13
The final stage of Marx's theory is
Classless Society
Revolution
The Withering of the State
Dictatorship of the Proletariat
14
The notion that history has been plagued by conflict between classes is central to theory of
Marx- Marxist Dialectic
Smith- Invisible Hand
Montesquieu- Separation of Powers
Mill-Utilitarianism
15
Adam Smith's theory of the 'invisible hand' is in favour of which economic system?
Command Economy
Mixed Market Economy
Laissez-Faire Economy
Centrally Planned Economy
16
In 'Hard Times', Charles Dickens is critiquing...
The Industrial Revolution in the Soviet Union
The Industrial Revolution in England
The Industrial Revolution in France
The Industrial Revolution in America
17
Which of the following terms are NOT associated with liberalism/capitalism?
Invisible Hand
Consumer Sovereignty
Egalitarianism
Profit Motive
18
Karl Marx was considered radical during his time because he
Favoured the feudal system
Favoured a pure laissez-faire economy
Favoured the homogenization of Europe as one superior state
Favoured to overthrow the class system through a revolt
19
Consumer Sovereignty is...
The motivation for producers to produce
The desire to buy something
Freedom that consumers have to make own economic decisions
Unemployment is more likely in a capitalistic economy
20
Which of the following is a benefit for consumers?
Choice for consumers
Wide gap between rich and poor
Low wages
Outsourcing

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