The editorial team at ProProfs Quizzes consists of a select group of subject experts, trivia writers, and quiz masters who have authored over 10,000 quizzes taken by more than 100 million users. This team includes our in-house seasoned quiz moderators and subject matter experts. Our editorial experts, spread across the world, are rigorously trained using our comprehensive guidelines to ensure that you receive the highest quality quizzes.
Check out if you are eligible to join free society
Questions and Answers
1.
Capitalism or socialism?
A.
Capitalism
B.
Socialism
Correct Answer
A. Capitalism
Explanation Capitalism is an economic system where individuals and private businesses own and control the means of production and distribution of goods and services. It is characterized by free market competition, profit motive, and private property rights. In capitalism, the economy operates based on supply and demand, and the prices of goods and services are determined by the market. Socialism, on the other hand, is an economic system where the means of production are owned and controlled by the state or the community as a whole. In socialism, there is a focus on social and economic equality, and the government plays a significant role in the economy.
Rate this question:
2.
What is the right ideological set?
A.
Mises, Keynes, Hayek, Stiglitz, Bohm Bawerk
B.
Mises, Hayek, Rothbard, Hoppe
C.
Hayek, Krugman, Mises, Rothbard
D.
Marx, Stiglitz, Keynes, Krugman
Correct Answer
B. Mises, Hayek, Rothbard, Hoppe
Explanation The correct answer is Mises, Hayek, Rothbard, Hoppe. This answer includes a combination of economists who are associated with the Austrian School of Economics, which is a free-market, libertarian ideology. Ludwig von Mises, Friedrich Hayek, Murray Rothbard, and Hans-Hermann Hoppe are all well-known figures within this school of thought, advocating for limited government intervention, individual liberty, and the free market.
Rate this question:
3.
Freedom of speech even if it offends somebody?
A.
Yes
B.
No
Correct Answer
A. Yes
Explanation Freedom of speech is a fundamental right that allows individuals to express their opinions and ideas without censorship or punishment from the government. This right includes the freedom to offend or criticize others, as long as it does not incite violence or harm. It is important to protect this freedom, even if it means that some individuals may be offended by certain expressions or ideas. This allows for a diverse and open society where different perspectives can be shared and debated.
Rate this question:
4.
Public or private ownership?
A.
Public
B.
Private
Correct Answer
B. Private
Explanation Private ownership refers to the ownership of assets, resources, or businesses by individuals or non-governmental entities. In this context, the correct answer "Private" suggests that the ownership in question is not controlled or regulated by the government or public institutions. Instead, it is owned and managed by individuals or organizations in the private sector. This typically implies that the decision-making power, control, and profits associated with the ownership are in the hands of private individuals or entities rather than being shared or controlled by the general public.
Rate this question:
5.
Should the state subsidize the economy?
A.
Yes
B.
No
Correct Answer
B. No
Explanation The given correct answer is "No" because state subsidies can lead to inefficiencies in the economy. Subsidizing certain industries or businesses can create artificial demand and distort market forces, leading to misallocation of resources. It can also create a dependency on government support, discouraging innovation and competition. Additionally, subsidies often require funding from taxpayers, which can lead to increased government debt and burden on the economy in the long run. Therefore, it is generally believed that a free market system with minimal state intervention is more efficient and promotes economic growth.
Rate this question:
6.
Case: If a gay couple ordered a cake for a homosexual wedding in Muslim/Christian bakery, does the bakery have the right to refuse service?
A.
The bakery doesn't have the right to refuse service to anybody
B.
The bakery has the right to refuse service
Correct Answer
B. The bakery has the right to refuse service
Explanation The bakery has the right to refuse service because the question states that the couple ordered a cake for a homosexual wedding in a Muslim/Christian bakery. In some religious beliefs, homosexuality is considered a sin or against their religious teachings. Therefore, the bakery may argue that providing a cake for a homosexual wedding goes against their religious beliefs and they have the right to refuse service based on their religious freedom.
Rate this question:
7.
Central banking?
A.
Yes
B.
No
Correct Answer
B. No
Explanation The answer is "No" because the question is asking if central banking is the correct answer, and the response is "No".
Rate this question:
8.
NAP stands for
A.
National Academic Press
B.
Non-aggression principle
Correct Answer
B. Non-aggression principle
Explanation The correct answer is Non-aggression principle because NAP is an ethical stance that asserts that aggression is inherently wrong and that individuals have the right to be free from aggression. It is a fundamental principle in libertarian philosophy and is often used as a moral basis for advocating for limited government intervention and individual freedom.
Rate this question:
9.
Should Liberland join the EU?
A.
Yes
B.
No
Correct Answer
B. No
Explanation The given correct answer is "No" because joining the EU would mean surrendering a significant amount of sovereignty and control over its own affairs. Liberland, as a self-proclaimed micronation, values its independence and autonomy. Joining the EU would also require adopting the euro as its currency and adhering to EU regulations and policies, which may not align with Liberland's interests and goals. Additionally, Liberland may prefer to maintain its own unique identity and not be bound by the political and economic constraints of the EU.
Rate this question:
10.
What is your view on distribution of wealth?
A.
I think that the state should help in redistribution of wealth between the rich and the poor
B.
I think that the state shouldn't engage in redistribution of wealth and leave it to the market forces.
Correct Answer
B. I think that the state shouldn't engage in redistribution of wealth and leave it to the market forces.
Explanation The answer suggests that the individual believes in a laissez-faire approach to wealth distribution, where the state does not actively intervene and allows market forces to determine the distribution of wealth. This viewpoint suggests that the individual believes in the efficiency and fairness of the free market system, where individuals are rewarded based on their own efforts and abilities. They may argue that government intervention in wealth redistribution can hinder economic growth and discourage individual initiative.
Rate this question:
Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.