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Capitalism vs. Communism Flashcards | StudBud
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Capitalism vs. Communism
Capitalism vs. Communism
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Questions
26
Answers
1
If you sell shoes for $20 and sell out of them quickly, the free market will force you to....
lower prices
raise prices
2
Adam Smith is the father of modern...
medicine
economics
physics
botony
3
In these "communist" countries like N. Korea, China, workers have MORE freedom than in capitalist countries,.
True
False
4
Since a worker revolution will probably not happen most people think these are Marx's Legacy.
ALL OF THESE
democratic reforms
laws that require capitalists to follow certain rules.
protection of civil liberties
5
The economy based on supply and demand, self interest and division of labor, free market is known as ___
Capitalism
Mercntilism
Communism
Socialism
6
Adam Smith's historical book on economics was "The Wealth of Nations"
No it was something else
Yeah that's the book!
7
The wonderful thing about the market, according to Smith was that a capitalist market would always _______ .
fix itself.
rise forever.
crash and burn.
8
The idea that everyone should pursue what they truly want to do in capitalism is known as ____
self-interest.
ridiculous.
selfish.
9
So in the 1900's counties (N. Korea, Soviet Union, China) have declared themselves communist-- but are really ___
dictatorships
totalitarian
capitalist
democratic
10
"The Wealth of Cities" was the famous Economics Book by Adam Smith.
False
True
11
If you are selling shoes for $20, but no one buys them, the free market will force you to...
raise prices
lower prices
12
This force in the free market that forces sellers to raise and lower prices based on demand is the .....
price lowering thingy
jedi force
balancing thing
invisible hand
13
Adam Smith talks about how this is the principal of economics not gold and silver...
controlling trade
taxes on imports and exports
government programs
supply and demand
14
Because of the problems (workers and $$ gap) under early capitalism, people asked ___ to get involved more.
Richer people
Super rich people.
Poor people.
The government
15
In communism, who owns property and industry?
Individuals
No one
Everyone (Community)
16
According to Marx, workers rising up in revolution was unlikely.
False
True
17
As revolutions spread through Europe, Marx & Engels wrote what powerful pamphlet?
Communist Manifesto
Poor people blues.
Run, Spot, Run
Wealth of Nations
18
Marx's plan for communism underestimated people's desire for ____
ALL OF THESE
ambition (to work harder)
desire (self interest)
competition (to be better)
19
Under Marx's Communism, what would be true?
There would be no rich and no poor.
Everyone would work for the common good instead of self-interest.
Everyone would be equal.
There would be no need for government
20
The "communist" countries in the 1900's were the opposite of Marx's ideals.
True
False
21
An economic system where the government owns some of the industries (health, energy, etc;) is _____
Communism
Socialism
Capitalism
Facionism
22
Adam Smith says what about the economy?
People should do what they want to do.
All of these.
Should NOT have government interference
Laws of Supply and Demand will always correct itself
23
Most countries today are neither socialist or capitalist, they instead weave both in a _____
mega socialist party.
dictatorship.
communist government.
social democracy.
24
According to Marx, workers were known as the bourgeoisie.
True
False
25
According to Smith when two people freely exchange goods or services, this law is at work.
Labor & Money
Gold & Silver
Supply & Demand
Calvin & Hobbes
26
For capitalism to truly work according to Smith, this had to happen to labor.
Everyone does everything
Divided into specialized tasks
