Question

Future Students - 6.03 ;)

Answer 1

Which of the following correctly compares capitalism, socialism, and communism?

Capitalism values society collectively, while socialism and communism value the market and the individual.

(Right Answer)>>Capitalism values the market and the individual, while socialism and communism value society collectively.

Capitalism seeks to redistribute wealth, while socialism and communism seek to limit the role of government in economic affairs.

Capitalism seeks to limit the role of government in economic affairs, while socialism and communism reject the idea of wealth redistribution.

Points earned on this question: 5

Answer 2

In what way was Marxism different from the socialism advocated by Owens and Fourier?

Owens and Fourier believed that the working masses were being exploited by Capitalism.

(Right Answer)>> Marx described a system where the bourgeois capitalists were the tools of revolution.

Owens and Fourier thought that the capitalist system would bring about revolution.

Marx advocated the use of utopian communities and social reforms to create a classless society.

Points earned on this question: 5

Answer 3

Use the following excerpt from Wealth Of Nations to answer the question below:

"The statesman who should attempt to direct private people in what manner they ought to employ their capitals, would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it."

Source: An Inquiry into the Nature and Causes of the Wealth of Nations

How does the view expressed in this excerpt compare with communist ideology?

Both believe in the private ownership of capital and distribution of resources.

Both disagree with the state playing a large role in determining the path of economy.

(Right Answer)>> This view differs from communism because it argues against government control of the economy.

This view is similar to communism because it argues no single person should receive the majority of economic benefits.

Points earned on this question: 5

Answer 4

Against what backdrop did the rise of ideologies of capitalism, socialism and communism clash?

the Reformation

(Right answer)>> the Industrial Revolution

the Age of Exploration

the Enlightenment

Points earned on this question: 5

Answer 5

Use the following quote from Adam Smith to answer the question below:

"It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest."

Source: Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations

Which of the following systems believes that the role of the government is only to promote competition and provide public goods?

(Right Answer)>>Capitalism

Socialism

Communism

Laissez-faire

Answer 6

Which of the following systems advocates that the suffering of the worker should be made lighter through intervention by the government?

Capitalism

(Right Answer)>>Socialism

Communism

Laissez-faire

Points earned on this question: 5

Answer 7

Use the following statement by Robert Owen to answer the question below:

"...but I know that society may be formed so as to exist without crime, without poverty, with health greatly improved, with little if any misery, and with intelligence and happiness increased a hundredfold: and no obstacle whatsoever intervenes [interferes] at this moment except ignorance to prevent such a state of society from becoming universal."

Source: Robert Owen, Rules and Regulations for the Inhabitants of New Lanark.

What is one reason why Marx would disagree with this statement?

Marx did not think society could live peacefully.

Marx did not think society could live without crime.

This statement advocates the use of education.

(Right Answer)>> This statement ignores the process of revolution.

Points earned on this question: 5

Answer 8

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."

Source: An Inquiry into the Nature and Causes of the Wealth of Nations

How does Smith's view of the economy expressed in this excerpt compare to Owen's?

Both believe individuals acting in their self-interest will lead to economic equality.

Both believe individuals acting in their self-interest will lead to economic inequality.

(Right Answer)>> Smith believes individuals acting in their self-interest will lead to the maximum social benefit, while Owens does not.

Owens believes individuals acting in their self-interest will lead to the maximum social benefit, while Smith does not.

Points earned on this question: 5

Answer 9

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."

Source: A New View of Society - Essays 1813-1816, Robert Owen

In what way might Adam Smith have disagreed with this statement?

Smith believed that education was only for the poor.

Smith believed that workers could not be trained to work.

(Right Answer)>>Smith believed that the government's role was very limited.

Smith believed that the government should directly employ people.

Points earned on this question: 5

Answer 10

Use the following excerpt from Letter to Vera Zasulich (1881) to answer the question below.

"To save the Russian commune, a Russian revolution is needed."

Source: English translation of Letter to Vera Zasulich by Karl Marx, Creative Commons License

Who is most likely to have made this statement?

Robert Owen

Adam Smith

Charles Fourier

(Right Answer)>>Karl Marx

Points earned on this question: 5