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Capitalism/Communism Flashcards | StudBud
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Capitalism/Communism
Capitalism/Communism
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Questions
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Answers
1
What is
price
in a market NOT determined by?
Your Fortnite skills
Demand
Supply
Competition
2
American welfare programs (Medicare, Medicaid, SNAP, etc) are considered to be characteristics of a
command
economy.
True
False
3
In a _______ economy, individual buyers and sellers answer basic economic questions.
Free Market
Command
Mixed
4
When wealth is distributed equally by the government it is considered _______.
Communism
Capitalism
5
Capitalism values freedom of choice
True
False
6
Which economic system is America considered to be?
Traditional Economy
Third-world Economy
Command Economy
Mixed Economy
7
What modern profession would be considered "Proletariat" in Communism?
Construction Worker
Big business owner
Entertainer (Musician, etc.)
CEO
8
What is Adam Smith known as?
Inventor of Lemonade Stands
Father of Modern Capitalism
Father of Communism
Founder of Amazon
9
Who is the principal of Fair View?
Mrs. Medina
Ms. Corona
Mr. Vaughn
Mr. Moll
10
In a _______ economy, the government answers basic economic questions.
Command
Free Market
Mixed
11
What is Karl Marx known as?
The richest man alive
Father of Capitalism
18th President of the U.S.
Father of Communism
12
In _______ there is LOW government control and LOW social services.
Communism
Capitalism
13
Capitalism is a...
Free Market System
Parallel Market System
Closed Market System
Demanding Market System
14
Economic systems are based on how a society produces and distributes goods and services.
False
True
15
The "Capital" in Capitalism means...
A big city
Money
Social Ownership
Communism
16
According to Smith, what does Capitalism require to thrive?
Everyone being paid the same wage
A free market and competition
To be regulated by the government
Free healthcare/education
17
In a _______ economy, buyers/sellers AND the government answer basic economic questions.
Free Market
Command
Mixed
18
Which is NOT a type of Economic System?
Command Economy
Traditional Economy
Minecraft Economy
Free Market Economy
19
In _________ there is HIGH government control and HIGH social services.
Capitalism
Communism
20
Communism is a...
Traditional System
Freedom-based System
Planned System
Random System
