Utopian Socialists such as Robert Owen criticized the inhumane aspects of capitalism and wanted

to modify capitalism & educate & improve working conditions

The problem of scarcity produces 4 economic questions. Which one of the following isn't one?

All 3 stated are economic questions plus What to Produce?

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Economic Systems Social 30

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Answers

1
Which of the following is NOT a key aspect of Smith's economic theory?
Centralized Decision Making
Anti-mercantilist
Pursuit of Self-interest
Barter System
2
Utopian Socialists such as Robert Owen criticized the inhumane aspects of capitalism and wanted
to modify capitalism & educate & improve working conditions
to modify not completely change capitalism
to pursue education and improve working conditions
to practice the principles of a centrally planned economy
3
Crown corporations exist in a command/centrally planned economy. They can also be called...
Public property
Government controlled
State owned
All 3 answers
4
The problem of scarcity produces 4 economic questions. Which one of the following isn't one?
How to distribute it?
Who decides(how to distribute)?
How to produce it?
All 3 stated are economic questions plus What to Produce?
5
Which of the following is an advantage to the theory proposed by Karl Marx?
Societies basic needs are met
Low productivity of goods.
Innovation is discouraged
Quality and quantity of goods is limited
6
Which of the following terms are NOT associated with Liberalism/Capitalism?
Consumer sovereignty
Profit Motive
Invisible Hand
Egalitarianism
7
Which of the following is a benefit to a Free Market Economy/Free Enterprise?
Outsourcing
Wide gap between rich and poor
Low wages
Choice for consumers
8
Which of the following principles of individualism (liberalism) is not economic?
The Rule of Law
Competition
Private Property
Economic Freedom
9
Which is NOT another name for the Karl Marx's Centrally Planned economic system?
Command Economy
State economy
Public Enterprise
Capitalism
10
Which of the following is NOT considered another name for Adam Smith's Market Economy?
Unfettered Market
Government Controlled
free enterprise
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