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Unit 5 Review - Economic Systems Flashcards | StudBud
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Unit 5 Review - Economic Systems
Unit 5 Review - Economic Systems
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Questions
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1
The term Laissez- Faire means...
The government SHOULD NOT interfere with the operation of the economy
The government owns all property
The government SHOULD interfere with the operation of the economy
The government owns all land
2
Freedom, choice, and private ownership represents which economic system?
Socialism
Communism
Utopianism
Capitalism
3
The goal of communism is to do away with the gap between the rich and poor.
False
True
4
The book "The Wealth of Nations" was written by...
Thomas Jefferson
John Locke
Adam Smith
Karl Marx
5
The color and symbol in this image represents which economic system?
Capitalism
Communism
Socialism
Utopianism
6
"Workers of the world Unite" was a slogan representing which economic system?
Socialism
Utopianism
Communism
Capitalism
7
The United States has features of both capitalism and socialism
False
True
8
The government stepping in to offer welfare and social security to its citizens is an example of which economic system?
Communism
Utopianism
Socialism
Capitalism
9
Adam Smith advocated for Laissez-faire capitalism.
False
True
10
There is no country in the world today that is COMPLETELY communist.
True
False
11
The father of communism is....
Joseph Stalin
Karl Marx
