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Questions and Answers
What is the main idea behind Karl Marx's philosophy?
What is the main idea behind Karl Marx's philosophy?
- All property should be publicly owned
- Social classes should be abolished (correct)
- Everyone should own the means of production
- The market should be regulated
What is the definition of Laissez-faire?
What is the definition of Laissez-faire?
- Government involvement in the economy
- Monopolies controlling the market
- Supply and demand determining prices
- Government staying out of the economy (correct)
What are the four main factors of production?
What are the four main factors of production?
- Land, Physical Capital, Labor, Human Capital (correct)
- Land, Physical Capital, Human Capital, Monopolies
- Land, Physical Capital, Laissez-faire, Human Capital
- Land, Physical Capital, Labor, Monopolies
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