Circle the best answer for each question. Use the space to note the reasoning or the source detail that decided it.
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Source: "Society is a partnership between those who are living, those who are dead, and those who are yet to be born." This view most closely reflects:
- a) classical liberalism, which values individual choice
- b) conservatism, which values tradition and continuity
- c) Marxism, which values revolution
- d) laissez-faire economics
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John Maynard Keynes argued that during an economic depression, governments should:
- a) cut spending and let the market correct itself
- b) stop collecting taxes entirely
- c) increase spending, even if it means running a deficit
- d) take ownership of all businesses
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The economic policy of "laissez-faire" means:
- a) workers should own the factories
- b) government should plan the economy
- c) government should leave the economy alone
- d) trade with other countries should be banned
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The Communist Manifesto (1848) called for:
- a) a return to rule by the aristocracy
- b) gradual reform through elected parliaments
- c) workers to overthrow capitalism and end private ownership of the means of production
- d) lower taxes and freer trade
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In The Wealth of Nations (1776), Adam Smith argued for:
- a) abolishing private property
- b) a return to rule by monarchs
- c) free markets with minimal government interference
- d) government ownership of all industry
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Montesquieu is best known for the idea of:
- a) class struggle
- b) the invisible hand
- c) the harm principle
- d) separation of powers
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What was a major consequence of laissez-faire policies during the Industrial Revolution?
- a) Dangerous working conditions and child labour, which led to demands for reform
- b) Shorter working hours set by law from the start
- c) Equal wealth across all social classes
- d) Government ownership of most factories
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"Welfare capitalism" is best described as:
- a) a system where charities replace government
- b) an economy planned entirely by the state
- c) an economy with no government involvement
- d) a market economy combined with government social programs
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Which thinker argued that people have natural rights to life, liberty and property?
- a) Karl Marx
- b) Edmund Burke
- c) John Locke
- d) Thomas Hobbes
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Why did the Great Depression challenge classical liberalism?
- a) The market did not correct itself, so governments began intervening in the economy
- b) It proved that government spending always causes depressions
- c) It ended all private ownership of business
- d) It showed that unions had become too powerful