#1
Who is considered the father of modern capitalism?
Karl Marx
Adam Smith
John Maynard Keynes
Milton Friedman
#2
Which of the following is a characteristic of capitalism?
Centralized economic planning
Private ownership of the means of production
Equal distribution of wealth
Government control of prices
#3
What is the primary goal of capitalism?
Equal distribution of wealth
Government control of prices
Maximization of profits
Elimination of private property
#4
Which country is often cited as having a pure capitalist system?
Sweden
United States
Cuba
China
#5
Which economic philosopher argued for the 'Invisible Hand' guiding the economy?
John Maynard Keynes
Milton Friedman
Adam Smith
Karl Marx
#6
Which economic system emerged during the Industrial Revolution?
Socialism
Feudalism
Capitalism
Communism
#7
What is the term for the process by which capitalists reinvest profits into production?
Dividends
Labor exploitation
Reinvestment
Accumulation
#8
What is 'laissez-faire' capitalism?
A system with heavy government intervention
A system with minimal government intervention
A system with no private property
A system with equal distribution of wealth
#9
Which of the following is a criticism of capitalism?
Encourages innovation and entrepreneurship
Leads to income inequality
Promotes social equality
Minimizes competition
#10
Which of the following is not a factor of production in capitalism?
Land
Labor
Entrepreneurship
Charity
#11
Which economist introduced the concept of 'creative destruction' in capitalism?
Joseph Schumpeter
John Kenneth Galbraith
John Stuart Mill
David Ricardo
#12
What is the term for the process by which businesses combine to form larger corporations in capitalism?
Monopoly
Mergers
Acquisitions
Cartelization
#13
Which economic theory suggests that government intervention in the economy is necessary to address market failures?
Austrian School
Keynesian Economics
Monetarism
Supply-Side Economics
#14
Who introduced the concept of 'supply and demand' as a fundamental principle of capitalism?
Adam Smith
Karl Marx
Friedrich Hayek
Milton Friedman
#15
Who is known for the theory of 'comparative advantage,' which supports free trade and specialization in capitalism?
David Ricardo
John Maynard Keynes
Karl Marx
Friedrich Hayek