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Capitalism vs. Communism Flashcards | StudBud
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Capitalism vs. Communism
Capitalism vs. Communism
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Questions
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Answers
1
Who did Karl Marx argue should control the economy?
Business Owners
Rulers
Workers
Government
2
Which of the following economic systems allows for the most government control?
Communism
Capitalism
Socialism
3
Which of the following terms means the freedom to start your own business?
Consumer Sovereignty
Competition
Free Enterprise
Private Property Rights
4
According to Adam Smith's Invisible Hand theory, who should determine prices?
only the producers
producers and consumers working together
the government
5
In a capitalist system, who is most likely to determine the price of goods and services?
The government
Producers
Consumers
6
What is the effect of competition on goods produced in the market?
Low quality, low prices
High quality, high prices
High quality, low prices
Low quality, high prices
7
Which of the following best gives us the incentive to save an invest in a capitalist economy?
Fully Employment
Free Enterprise
Private Property Rights
Markets
8
All of the following are features of capitalism
except
...
Free Enterprise
Government owned businesses
Consumer Sovereignty
Profit Motive
9
Which type of economic system do we have in the United States?
Capitalism
Socialism
Communism
10
Which of the following countries has or has had a communist economy?
All of the above
Cuba
China
North Korea
