Adam Smith believed that if people acted in economic self interest

the greater good would be achieved

The three main interests of macro-economic policy are

economic growth, inflation and unemployment

Which of the following are opposites

Supply Side Economics and Socialism

Free Trade allows countries to

focus on their comparative advantage

a free economy leads to exploitation

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HISTORY OF MODERN ECONOMICS

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#economics #Adam Smith # Marxism

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Questions 20

Answers

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

HISTORY OF MODERN ECONOMICS Flashcards | StudBud