New Economic Theories — Quiz

Question 1

According to Karl Marx, the economic ideas behind socialism would lead to a

Revolt · Accepted Answer

communist revolution.

Question 2

In terms of production, socialism advocated for

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government control.

Question 3

Workers competed for jobs in the model factory started by Robert Owen because

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he overpaid them.

Question 4

Karl Marx developed the economic theory of

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socialism.

Question 5

In a dictatorship of the proletariat, who controls the government?

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working classes

Question 6

As economic theories, socialism and communism sought to

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even out inequalities of wealth.

Question 7

Which best explains how a mixed economy addressed problems that arose from capitalism?

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Government regulation was minimal, but new laws protected workers and their standard of living.

Question 8

In a free market, supply and demand determines

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the type and number of goods produced.

Question 9

In terms of production, what best describes the difference between capitalism and socialism?

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Capitalism is a system in which goods are made by private businesses, but socialism stresses government control over production.

Question 10

During industrialization, which led to an exploration of new economic theories?

Revolt · Accepted Answer

a gap between rich and poor

New Economic Theories — Quiz Answers