New Economic Theories

Question 1

In a free market, supply and demand determines

Revolt · Accepted Answer

A: the type and number of goods produced.

Question 2

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

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D: working classes

Question 3

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

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

Question 4

Karl Marx developed the economic theory of

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D: communism.

Question 5

communismsocialismcapitalismutopianism

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B: socialism

Question 6

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

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B: he built schools.

Question 7

Adam Smith believed that fair prices for goods are determined in a capitalist system

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A: through competition between businesses.

Question 8

The three main ideas behind capitalism as defined by Adam Smith are

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B: competition, self interest, and laissez-faire.

Question 9

communismsocialismcapitalismutopianism

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A: communism

Question 10

As economic theories, socialism and communism sought to

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B: even out inequalities of wealth.

New Economic Theories Answers