1. Industrial Revolution Formative Assessments Economic systems Weeks 3-4

2. Which of the following is not a characteristic of capitalism? 1.Laissez-faire 2.Private ownership 3.Government controls the means of production 4.Supply and demand determine price and quantity 5.Large gaps between the rich and the poor

3. Which of the following is a characteristic of socialism? 1.Government controls the major industries (steel, transportation etc.) 2.The elimination of government and social classes 3.Governments do not interfere in economic activity 4.Private individuals control all of the means of production

4. Which of the following describes communism? 1.Allows for some private ownership 2.Elimination of government and social classes 3.Ideas from Adam Smith 4.Follows the laws of supply and demand

5. Which of the following economic systems were a reaction to the poor living and working conditions during the Industrial Revolution? 1.Capitalism 2.Socialism 3.Communism 4.Both 1 and 2 5.Both 2 and 3 6.None of the above

6. Which of the following describes an idea of Karl Marx? 1.Laissez-faire 2.Bourgeoisie would revolt against the Proletariat 3.Entrepreneurs would control government 4.Proletariat would revolt against the Bourgeoisie 5.All of the above