06.03 Exam (100%)

31 August 2022
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8 test answers

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question
Which of the following correctly compares capitalism, socialism, and communism?
answer
Capitalism is focused on the market and the individual, while socialism and communism value society collectively.
question
Use the following excerpt from Robert Owen to answer the question below: "Train any population rationally, and they will be rational. Furnish honest and useful employments to those so trained, and such employments they will greatly prefer to dishonest or injurious occupations. It is beyond all calculation the interest of every government to provide that training and that employment; and to provide both is easily practicable." In what way might Adam Smith have disagreed with this statement?
answer
Smith believed that the government's role was very limited.
question
The ideologies of capitalism, socialism, and communism rose during which period of change?
answer
The Industrial Revolution
question
In the following statement, Adam Smith comments on the individual who uses domestic industry and labor. Use Smith's statement to answer the question below: "...he intends only his own security... he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention... By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it." How does Smith's view of the economy expressed in this excerpt compare to Owen's?
answer
Smith believes that individuals acting in their own self-interest will lead to the maximum social benefit, while Owens does not.
question
Use the following quote from Karl Marx to answer the question below: "Capital is reckless of the health or length of life of the laborer, unless under compulsion from society." In what way is this statement consistent with the ideas of Adam Smith?
answer
Smith knew that the invisible hand of the market was not concerned with the health of the laborer.
question
Which of the following systems advocates that the suffering of the worker should be made lighter through intervention by the government?
answer
Socialism
question
Which of the following is a true statement?
answer
Socialists like Robert Owen favored a more even distribution of income.
question
In what way were Karl Marx's views different from the socialism advocated by Owens and Fourier?
answer
Marx wanted capitalism to become so terrible that the masses would have no choice but to overthrow it in a violent uprising.