New Economic Theories Answers

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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

A
assistance for the poor
B
working class revolution
C
better working conditions
D
lack of protections for unions
E
minimum wage laws
F
lack of regulation for prices
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dictatorscapitalistsmonarchsworkers

A
dictators
B
capitalists
C
monarchs
D
workers
3

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

A
dictators
B
industrialists
C
business owners
D
working classes
4

Karl Marx developed the economic theory of

A
socialism.
B
capitalism.
C
utopianism.
D
communism.
5

The following passage is from The Communist Manifesto written by Karl Marx in 1848.“Let the ruling classes tremble at a Communist revolution. The proletarians [workers] have nothing to lose but their chains. They have a world to win. Working men of all countries, unite!”

A
Workers are slaves and should be inspired to revolt.
B
Workers should unite in the communist movement.
C
Workers should scare rulers into giving up their wealth.
D
Workers must be asked to incite a revolution against the rich.
6

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

A
communist revolution.
B
socialist revolution.
C
capitalist revolution.
D
utopian revolution.
7

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

A
through competition between businesses.
B
by government regulation of businesses.
C
by setting limits on imports and exports.
D
through competition between consumers.
8

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

A
Laissez-faire principles remained, but government passed laws promoting worker safety.
B
Government interference continued, and new laws allowed workers to own companies.
C
Supply and demand remained, and government took control of the means of production.
D
Government regulation was minimal, but new laws protected workers and their standard of living.
9

In a free market, supply and demand determines

A
the type and number of goods produced.
B
the number and distribution of goods produced.
C
the raw materials and tools used to produce goods.
D
the factories and machines used to produce goods.
10

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

A
Capitalism is a system in which goods are made by private businesses, but socialism stresses government control over production.
B
Capitalism is a system in which the government controls production, but socialism stresses production by private businesses.
C
Capitalism is a system in which people pursue their own self-interests, but socialism stresses an equal distribution of wealth.
D
Capitalism is a system in which government should “plan” the economy, but socialism stresses that free market dictates production.

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