The three main interests of macro-economic policy are

economic growth, inflation and unemployment

Free Trade allows countries to

focus on their comparative advantage

Adam Smith believed that if people acted in economic self interest

the greater good would be achieved

a free economy leads to exploitation

Which of the following are opposites

Supply Side Economics and Socialism

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HISTORY OF MODERN ECONOMICS

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#economics #Adam Smith # Marxism

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Questions 20

Answers

1
The Founder of the Chicago School of Economics is
Milton Friedman
Adam Smith
Joseph Stalin
Karl Marx
2
Marx inspired this more mainstream ideology
supply-side economics
fascism
capitalism
socialism
3
Adam Smith believed the invisible hand in the economy was
private property
self-interest
supply and demand
free trade
4
The three main interests of macro-economic policy are
economic growth, inflation and unemployment
economic growth, inflation and education
economic growth, healthcare and unemployment
economic growth, healthcare and education
5
Free Trade allows countries to
focus on their comparative advantage
raise tariffs
to be more self sufficient
subsidize agriculture
6
Adam Smith believed that if people acted in economic self interest
the greater good would be achieved
the economy would be unfair
pure equality would be created
society would be chaotic
7
Marx wrote the Communist Manifesto during this historical time period
the Cold War
Industrial Revolution
Russian Revolution
Great Depression
8
Laissez - Faire applied to ECON means
No Government Regulation
Communism
Government Regulation
Socialism
9
All of the following are examples of a socialist policy EXCEPT
Government Regulation
graduated income tax
Social Welfare
abolishing religion
10
The father of Macro-Economics is
Ronald Reagan
Milton Friedman
Adam Smith
John Maynard Keynes
11
An economic policy example for Classical Economics would be
Free Trade
Graduated Income Tax
Single Payer Health Care
Protectionism
12
Marx believed that the greater good was threatened by
socialism
private property
government regulation
democracy
13
The Chicago School of Economics was most inspired by
Adam Smith
Donald Trump
Karl Marx
Ronald Reagan
14
This event was a turning point AWAY from Classical Economics
the Cold War
Great Depression
9/11
WWI
15
Supply Side Economics or "trickle down" is most associated with this American President
Ronald Reagan
Margaret Thatcher
Barack Obama
Franklin Delanor Roosevelt
16
Marx believed
religious belief helps to create a fair economy
a free economy leads to exploitation
private property is an economic benefit
A free economy is a fair economy
17
Which of the following are opposites
Karl Marx and Socialism
Supply Side Economics and Socialism
Capitalism and Classical Economics
Keynesian Economics and Socialism
18
Adam Smith believed that the mechanism of supply and demand
was natural
should be created by the government
was socialism
could be found in a communist utopia
19
All of the following would be a Keynesian economic policy EXCEPT
Social Welfare
Deregulation of Utilities
Infrastructure Spending
Education Spending
20
The two ideas most associated with the Chicago School of Economics are
higher taxes and deregulation
low taxes and regulation
high taxes and regulation
low taxes and deregulation

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