Chapter 29: Problem 14
In Marx's ideal communist society, the state a. actively promotes income equality. b. follows the doctrine of laissez faire. c. owns resources and conducts planning. d. does not exist.
Chapter 29: Problem 14
In Marx's ideal communist society, the state a. actively promotes income equality. b. follows the doctrine of laissez faire. c. owns resources and conducts planning. d. does not exist.
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Get started for freeWhich of the following is not a basic characteristic of capitalism? a. Economic decisions occur in markets. b. Factors of production are privately owned. c. Income is distributed on the basis of need. d. Businesses make their own product and price decisions.
Command economies typically suffer from a. unemployment, but not underemployment. b. neither unemployment nor underemployment. c. both unemployment and underemployment. d. underemployment, but not unemployment.
When making economic decisions, Adam Smith urged society to a. follow the principle of self interest. b. follow the principle of public interest. c. transfer wealth according to need. d. provide equal income for all citizens.
Karl Marx predicted which of the following? a. The market system would self-destruct. b. The "haves" would revolt against the "have-nots." c. The wealthy were entitled to profits as their reward for risk taking. d. None of the above.
The doctrine of laissez faire a. advocates an economic system with extensive government intervention and little individual decision making. b. was advocated by Adam Smith in his book The Wealth of Nations. c. was advocated by Karl Marx in his book Das Kapital. d. is described by none of the above.
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