Abraham Lincoln Once Stated, "You Cannot Help the Poor by Destroying

question 156

Multiple Choice

Abraham Lincoln once stated, "You cannot help the poor by destroying the rich. You cannot lift the wage earner by pulling down the wage payer." This quote is most consistent with what type of economic philosophy?

• A) capitalist economy
• B) communist economy
• C) socialist economy
• D) planned economy

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Definitions:

Karl Marx

A philosopher, economist, and revolutionary socialist, Marx developed the theory of Marxism, focusing on the struggles between the proletariat and the bourgeoisie.

Class

A system of categorizing people based on their economic position, often determined by factors such as wealth, occupation, and social status.

Capitalism

An economic system based on the private ownership of the means of production and the creation of goods or services for profit.

Life Chances

A social science concept that refers to the opportunities each individual has to improve their quality of life, often influenced by social and economic factors.