According to Marx, what is the correct observed progression of economic systems throughout history?

Tribalism, feudalism, capitalism, communism

What best describes the economic concept of scarcity?

There exists only a limited amount of resources

The demand for Company X still remains high due to a commitment to sustainability. If supply remains constant:

Demand rises and prices increase

If water is more useful than diamonds, how come diamonds are more expensive?

Due to their rarity, any increase in diamonds comes with much more value

The demand for Company X rose due to awareness on eco friendliness and social responsibility. Effects include:

Demand rises and the demand curve shifts to the right

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Session 1 Quiz

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Questions 10

Answers

1
According to Marx, what is the correct observed progression of economic systems throughout history?
Neither of the above
Capitalism, feudalism, communism
Tribalism, feudalism, capitalism, communism
Communism, feudalism, capitalism, tribalism
2
Who is known as the “Father of Economics”?
Karl Marx
Thomas Malthus
David Ricardo
Adam Smith
3
What best describes the economic concept of scarcity?
People working in their own self-interest unintentionally benefit society
The market is self-sustainable
There exists only a limited amount of resources
Firms aim to maximize profit
4
The demand for Company X still remains high due to a commitment to sustainability. If supply remains constant:
Demand falls and prices increase
Demand rises and prices increase
Demand rises and prices decrease
Demand falls and prices decrease
5
Which definition best describes communism?
Worker ownership of the means of production
Private ownership of the means of production
Whenever the government does a whole lot of stuff
A classless, stateless society
6
If water is more useful than diamonds, how come diamonds are more expensive?
They’re shinier and prettier
Due to their rarity, any increase in diamonds comes with much more value
More expensive labor went into mining diamonds
Arbitrary price setters (i.e. jewelers) determine their value
7
According to John Maynard Keynes, in order to recover from recessions the government should:
Decrease taxes
Decrease inflation
Increase fiscal spending
Deregulate business practices
8
The demand for Company X rose due to awareness on eco friendliness and social responsibility. Effects include:
Demand is unaffected and the curve does not shift
Demand curve disappears because trends are not real
Demand rises and the demand curve shifts to the left
Demand rises and the demand curve shifts to the right
9
What is one of the main focuses of macroeconomics?
Economic growth
Theory of the firm
Utility maximization
Opportunity cost
10
Which of the following terms did Adam Smith coin?
Currency
Economics is the dismal science
Communism
The Invisible Hand

Session 1 Quiz Flashcards | StudBud