What two principles form the basis for capitalism?
answer
private ownership and free markets
question
In general, which best explains why communist revolutions did not happen?
answer
Capitalist governments enacted reforms.
question
Workers competed for jobs in the model factory started by Robert Owen because
answer
he built schools.
question
In The Communist Manifesto, Karl Marx hypothesized that capitalism would fail if workers -
answer
revolted
question
Karl Marx called for ______ to control government and develop a classless society.
answer
workers
question
According to Karl Marx, the economic ideas behind socialism would lead to a
answer
communist revolution.
question
Adam Smith believed that fair prices for goods are determined in a capitalist system
answer
through competition between businesses.
question
What moderate reforms did European socialists support? Check all that apply.
answer
assistance for the poor
better working conditions
minimum wage laws
question
During industrialization, which led to an exploration of new economic theories?
answer
a gap between rich and poor
question
Which problems arose as a result of capitalism with little government oversight? Check all that apply.
answer
Businesses eventually exploited the working class.
Workers who were injured on the job were not protected.
There were vast inequalities between workers and owners.
Big companies drove small companies out of business.
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