Chapter 29: Problem 15
Karl Marx was a (an) a. nineteenth-century German philosopher. b. eighteenth-century Russian economist. c. fourteenth-century Polish banker. d. nineteenth-century Russian journalist.
Chapter 29: Problem 15
Karl Marx was a (an) a. nineteenth-century German philosopher. b. eighteenth-century Russian economist. c. fourteenth-century Polish banker. d. nineteenth-century Russian journalist.
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Get started for freeThe economic system in which private individuals own the factors of production is a. a planned economy. b. capitalism. c. collectivism. d. socialism.
How many nations in the world today operate totally according to Karl Marx's theory of communism? a. None b. Several c. Only the United States d. Many
Adam Smith wrote that the a. economic problems of eighteenth-century England were caused by free markets. b. government should control the economy with an "invisible hand." c. pursuit of private self interest promotes the public interest in a market economy. d. public or collective interest is not promoted by people pursuing their self interest.
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.
Which 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.
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