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Capitalism vs. Communism Flashcards | StudBud
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Capitalism vs. Communism
Capitalism vs. Communism
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1
Which type of economic system do we have in the United States?
Socialism
Capitalism
Communism
2
What is the effect of competition on goods produced in the market?
Low quality, low prices
High quality, low prices
Low quality, high prices
High quality, high prices
3
Which of the following economic systems allows for the most government control?
Socialism
Communism
Capitalism
4
Which of the following best gives us the incentive to save an invest in a capitalist economy?
Markets
Fully Employment
Free Enterprise
Private Property Rights
5
In a capitalist system, who is most likely to determine the price of goods and services?
Producers
Consumers
The government
6
All of the following are features of capitalism
except
...
Consumer Sovereignty
Free Enterprise
Profit Motive
Government owned businesses
7
Which of the following countries has or has had a communist economy?
All of the above
North Korea
Cuba
China
8
Which of the following terms means the freedom to start your own business?
Private Property Rights
Competition
Free Enterprise
Consumer Sovereignty
9
According to Adam Smith's Invisible Hand theory, who should determine prices?
the government
producers and consumers working together
only the producers
10
Who did Karl Marx argue should control the economy?
Business Owners
Workers
Rulers
Government
