test

Question 1

Key to progress is innovation, i.e. creative destruction

Answer 1

Schumpeter

Question 2

Growth of the capitalist economy is uneven

Answer 2

Schumpeter

Question 3

Modern economies are dominated by large concerns

Answer 3

Schumpeter

Question 4

Labor is the basis of wealth

Answer 4

Smith

Question 5

Division of labor implies economics interdependence

Answer 5

Smith

Question 6

The individual pursuit of self-interest has possible beneficial effects

Answer 6

Smith

Question 7

Government policies should facilitate private bargains

Answer 7

Croase

Question 8

Firms are mini-command economies

Answer 8

Croase

Question 9

Capitalism is a mixture of competition and command

Answer 9

Croase

Question 10

Economic policy should promote well-being

Answer 10

Sen

Question 11

Democratically elected governments more likely to address poverty

Answer 11

Sen

Question 12

Famines are not the result of shortages of food

Answer 12

Sen

Question 13

Government market intervention reduces instability

Answer 13

Keynes

Question 14

Unemployment is a chronic problem in a capitalist economy

Answer 14

Keynes

Question 15

The market system is not self-regulating

Answer 15

Keynes

Question 16

Economic systems have dominant/subordinate classes

Answer 16

Marks

Question 17

Members of classes work together in pursuit of common interests

Answer 17

Marks