Chapter 6 Review

One of the way capitalism is portrayed in the Bible is by ___________________ of property.

What is the most extreme form of Socialism?

Classic Liberal Capitalism has five major duties?

What words did Adam Smith use for Capitalism?

Factors of Production are Land, Labor, Capital and Entrepreneurship.

One of the three laws that Adam Smith proposed was.

Marx said that there has always been a class struggle.

Nations using the Mercantilism economic system today are?

Contrary to Socialism, the Bible states man is selfish.

Under Centralized Socialism, the state would ensure every worker gets a?

Which is NOT one of the five steps of Mercantilism?

Adam Smith wrote a book entitled?

Marx said that a benefit of Socialism is...

Radical Capitalism is used in several countries.

Social Democracy bridges a gap between Capitalism and Socialism.

What law will determine if businesses are successful or not?

Marx said, any arrangement of the tools of production short of total state ownership would be counterproductive.

Libertarian Fairness was written by Karl Marx?

In a socialistic economy there is...

Opponents to Centralized Socialism say it is...

Communism says eventually the government would disband and turn over Factors of Production to everyone in common.

When businesses become to expensive to maintain, socialistic goverments use Privatization.

Capitalism has its faults. The Bible admonishes us that we need to pay fair________

"Cradle to grave" for citizens and high taxes usually means a nation is considered a Welfare State.

Adam Smith said government should provide national defence.

Under centralized socialism, society have to tolerate mediocre workmanship and shortages

Which is one of the five steps of Mercantilism?

Economically speaking, Communism is Socialism in its most extreme form.

A monetary system would be part of Classic Liberal Capitalism.

One country considered a Welfare State is?

There are two questions that need to be answered to determine if a nation is capitalistic or socialistic.

An example of a Public Good that has been privatized is?

Opponents to Centralized Socialism says leveling wages incentives workers.

In Communism, after eradicating capitalism, they would happily disband and turn over "FOP" to

What was Adam's Smith's theory called?

There are three main forms of Capitalism.

Just laws, falls under Classic Liberal Capitalism?

Communism only exists in theory.

Marx stated that once Capitalism workers realize they are slaves, they will rebell.

Adam Smith was the Father of

One of the fundamental flaws of Communism, they believe man is basically good

Laissez Faire is French for "Let Alone"

One of those two questions is?

When goverment assumes ownership of the cornerstone businesses of the economy, it is called Nationalization.

Marx stated that the nature of mankind is to _______________ one another.

In Social Democracy when the state sells back those businesses to expensive to maintain and are unprofitable, is called?

What should dictate your philosophy regarding your personal finances and the measure of your involvement in government

Protecting personal infringements is part of what economy?

In true Communism, everyone would

Karl Marx wrote the Communist Manifesto.