New Economic Theories

Question 1

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

Revolt · Accepted Answer

A: communist revolution.

Question 2

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

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D: working classes

Question 3

What two principles form the basis for capitalism?

Revolt · Accepted Answer

C: private ownership and free markets

Question 4

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

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

Question 5

In a free market, supply and demand determines

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A: the type and number of goods produced.

Question 6

This excerpt is from The Wealth of Nations by Adam Smith.“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest.”

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A: Businesses acting in their own interests expect something in return for their services.

Question 7

In general, which best explains why communist revolutions did not happen?

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C: Capitalist governments enacted reforms.

Question 8

communismsocialismcapitalismutopianism

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B: socialism

Question 9

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

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B: he built schools.

Question 10

What moderate reforms did European socialists support? Check all that apply.assistance for the poorworking class revolutionbetter working conditionslack of protections for unionsminimum wage lawslack of regulation for prices

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A: assistance for the poor; C: better working conditions; E: minimum wage laws

New Economic Theories Answers

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