Question

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Question 110 pts

Capitalism is an economic system in which

the means of production are largely in private hands, and the main incentive for economic activity is the accumulation of profits

the means of production and distribution are collectively owned

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Question 210 pts

Socialism is an economic system in which

the means of production are largely in private hands, and the main incentive for economic activity is the accumulation of profits

the means of production and distribution are collectively owned

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Question 310 pts

Which two theorists described capitalism as a system that creates an economy based on monopolies ?

Max Weber and Adolph Hitler

Karl Marx and Friedrich Engels

. Émile Durkheim and Max Weber

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Question 410 pts

In the book "The Jungle", Upton Sinclair describes the meatpacking industry in Chicago at the beginning of the twentieth century. The unregulated meatpacking companies had very low health and safety standards, and they exploited their employees unmercifully. Sinclair was describing a

socialist economy

communist economy

free market economy

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Question 510 pts

In its true form, capitalism requires a governmental policy of laissez-faire, allowing the marketplace to operate unhindered

True

False

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Question 610 pts

Critics of capitalism argue that it does create wealth, but it does not do anything good for social justice.

True

False

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Question 710 pts

The economy of the United States is not purely capitalistic, since taxes (for example) are levied, in order to provide for the common good

True

False

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Question 810 pts

Nations that claim to be socialist, but are not democratic, violate a fundamental principle of true (ideal) socialism.

True

False

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Question 910 pts

A fundamental principle of socialism is central (governmental) planning of the economy.

True

False

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Question 1010 pts

9- A fundamental principle of socialism is central (governmental) planning of the economy?

True or False

8- Nations that claim to be socialist, but are not democratic, violate a fundamental principle of true (ideal) socialism?

True or False

7-The economy of the United States is not purely capitalistic, since taxes (for example) are levied, in order to provide for the common good?

True or False

6-Critics of capitalism argue that it does create wealth, but it does not do anything good for social justice?

True or False

5- In its true form, capitalism requires a governmental policy of laissez-faire, allowing the marketplace to operate unhindered?

True or False

4- In the book "The Jungle", Upton Sinclair describes the meatpacking industry in Chicago at the beginning of the twentieth century. The unregulated meatpacking companies had very low health and safety standards, and they exploited their employees unmercifully. Sinclair was describing a:

socialist economy

communist economy

free market economy

Answer 1

1

A.

Capitalism involves ownership of private properties and wealth creation, a chief motivation to do production.

2.

B

Socialism is about equality and collective ownership off resources.

4.

C

It is a representative of unregulated market that is free, but ruthless.

5.

True

Capitalism exists when it is unhindered and free from any type of government interventions.

6.

True

Capitalism is more focused about wealth creation and it creates inequality and class conflict in the society.

7.

False

It is a capitalist economy, because the government does not interfere in their ownership of private properties and operations.

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