What factordid Alishir Navai emphasize as necessary for improving the economic and political situation in the country?

A leader with enough power and intelligence & strong and centralized state

Which one is NOT an idea of Adam Smith?

Collective ownership of property

What is the main idea of Laissez-faire?

The freedom of economic activities

What are the two types of Natural Liberty explained by Adam Smith?

Domestic and International Liberty

What does the concept of “Invisible Hand” say

When members of society r free to increase their interests, benefits increa

What is the Malthusian growth model?

An exponential formula used to forecast population growth

Who was François Quesnay?

A French physiocrat in the 18th century

What is the main book of David Ricardo?

Principles of Political Economy and Taxation (1817)

What is “Value in exchange” for Adam Smith?

The price of a good in the market

Why did Ulugh beg believe in moderate taxing?

Not to put pressure on people and producers

According to Jacques Turgot, French physiocrat, the only way to accumulate capital is:

People do not consume all they produce

Who was Jean-Baptiste Colbert?

A French statesman, mercantilist, from 17th century

What was the major book of Thomas Malthus?

An Essay on the Principle of Population (1798)

According to Antonio Serra, which one is a feature of economic backwardness?

Absence of a stable government that encourages export

Which one is an example of modern day mercantilist policies?

Manipulating exchange rate (devaluating currency)

Which types of capital are considered in the Quesnay’s Economic Table?

Fundamental, sovereign, primitive and annual capital

Who was Charles Davenant?

An English economist, mercantilist, from 17th and 18th centuries

The German Historical School:

Emphasized nationalistic and historical ideas

Which one is the book of Adam Smith?

The theory of moral sentiments (1759)

Which classes are considered in the Physiocratic Input-Output Table?

Productive, sterile, proprietary

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Midterm (part 2)

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Questions 45

Answers

1
What were the main reasons of the development of trade during the reign of Shahrukh Mirza in the Timurid Empire?
Economic development
All the mentioned cases
Political stability
Peace
2
According to Adam Smith, what does Human Selfishness mean?
All of the mentioned cases
Human beings want to maximize their own benefit
Human beings follow their own interests
Human beings want to maximize their own utility
3
Who is considered as a forefather of the German Historical School?
Friedrich List
Karl Knies
Gustav von Schmoller
Friedrich Roscher
4
What factordid Alishir Navai emphasize as necessary for improving the economic and political situation in the country?
Free market activities and free trade with neighboring countries
Increase in tax in order to improve the situation of trade
Supporting investors and manufactures
A leader with enough power and intelligence & strong and centralized state
5
Which one is NOT an idea of Adam Smith?
Division of labor
Specialization
Free markets
Collective ownership of property
6
Which one is the main feature of classical School?
Economic Freedom
Feudal society
Government intervention in the economy
Barriers on trade
7
What is the main idea of Laissez-faire?
The freedom of economic activities
The protection of commerce
The demand-supply law
The circulation of wealth
8
What does Physiocratic Input-Output Table (Economic Table) present?
The scale of trade
The scale of the intervention of government in economy
A measure for pricing
Circular flow of income
9
Which school was the dominant economic school of thought in the late 18th and 19th centuries?
Marginalism
Phisiocracy
Classical School
Marxism
10
Who was NOT a member of the Younger German Historical School?
Werner Sombart
Bruno Hildebrand
Max Weber
Gustav von Schmoller
11
What are the two types of Natural Liberty explained by Adam Smith?
Private and Public Liberty
Domestic and National Liberty
Domestic and International Liberty
Supply and Demand Liberty
12
Which of the following thinkers was NOT a mercantilist?
Jean-Baptiste Colbert
William Petty
Jean-Baptiste Say
Antonio Serra
13
What type of taxes was collected under Babur’s rule?
All of the mentioned cases
Water tax
Kharaj
Sales tax
14
What did David Ricardo emphasize as the main source of value or price of a good?
Scarcity
Labor
Capital
Intermediate goods
15
What is the main book of Adam Smith?
The Wealth of Nations (1776)
A Treatise on Political Economy (1803)
Capital (1867)
Principles of Political Economy (1848)
16
The German Historical School developed in the late 19th century as an alternative to:
Marginalism
Classical economic
Physiocracy
Marxism
17
What does the concept of “Invisible Hand” say
When members of society r free to increase their interests, benefits increa
Everyone is led by an invisible hand to share the ownership of property
Competing forces of demand and supply throws the market out of equilibrium.
When members of society follow their interests, interest is invisible.
18
Which evolution was NOT a base for the emergence of mercantilism?
Maritime discoveries and Colonization
Decline of feudalism and resort to trade
Formation of nation states
Rise of the power of church
19
On what considerations did Amir Temur pursue his tax policy?
The recommendations of the Islamic religion
The nature of his time
All of the mentioned cases
The laws and regulations collected in previous periods
20
What is the Malthusian growth model?
An arithmetical formula used to forecast technological growth
An exponential formula used to forecast population growth
A geometrical formula used to forecast economic growth
An exponential formula used to forecast industrial growth
21
Who was François Quesnay?
A French physiocrat in the 18th century
A French classical economist in the 19th century
An Italian mercantilism in the 17th century
A Belgian feudalist in the 14th century
22
What is the main book of David Ricardo?
Principles of Political Economy and Taxation (1817)
The wealth of Nations (1776)
An Essay on the Principle of Population (1798)
Principles of Political Economy (1848)
23
Who introduced the Laissez-faire policy?
François Quesnay
Jean-Baptist Colbert
David Ricardo
Adam Smith
24
Utilitarianism is the idea of which classical economist?
John Stuart Mill
Adam Smith
Jean-Baptist Say
Friedrich Engels
25
What is “Value in exchange” for Adam Smith?
The price of a good in the market
The exchange rate of a currency determined by the central bank
The utility a consumer gain from exchanging a good
The utility a consumer gain from consuming a good
26
Why did Ulugh beg believe in moderate taxing?
To raise taxes when necessary
Not to put pressure on people and producers
To increase the government budget deficit
Not to increase the king's wealth
27
According to Jacques Turgot, French physiocrat, the only way to accumulate capital is:
People do not consume all they produce
The government enacts policies to achieve a trade surplus
The government encourages people to accumulate capital
People deposit their income in the bank
28
The concept of “Diminishing Returns” is majorly the idea of which classical economist?
Thomas Malthus
Adam Smith
David Ricardo
Jean-Baptist Say
29
Who was Jean-Baptiste Colbert?
A German politician, from the German Historical School, from 19th century
A French philosopher, marginalist, from 18th century
A French statesman, mercantilist, from 17th century
A Belgian economist, mercantilist, from 18th century
30
What was the major book of Thomas Malthus?
Principles of Political Economy and Taxation (1817)
Principles of Political Economy (1848)
A Treatise on Political Economy (1803)
An Essay on the Principle of Population (1798)
31
Which one was among the problems of mercantilism that led to the rise of new economic ideas?
All of the mentioned cases
Insufficient attention to trade
Insufficient attention to the role of government
Rise of monopolies
32
Adam Smith was:
An English economist
An Irish political economist
A Scottish philosopher
A French economist
33
According to Antonio Serra, which one is a feature of economic backwardness?
Free market mechanism
Free trade
Absence of a stable government that encourages export
Lack of agricultural products
34
Which one is NOT correct about Phisiocracy?
Physiocrats believed in agricultural products as the main source of wealth
Physiocrats believed in natural law
Physiocrats favoured trade
Physiocrats favoured agriculture
35
All of the following theories were presented by David Ricardo EXCEPT:
General equilibrium theory
Labor theory of value
Economic rents
Comparative advantage
36
Which of the following classical economists believed that Economics is closely tied to social philosophy and politics?
David Ricardo
Jean-Baptist Say
John Stuart Mill
Thomas Malthus
37
Which one is an example of modern day mercantilist policies?
Protecting foreign industries
Setting barriers in the way of exports
Manipulating exchange rate (devaluating currency)
Encouraging imports
38
For what purposes did Adam Smith allow government intervention in the economy?
All of the mentioned cases
For national defence
For establishing justice
For providing public goods and services
39
Which types of capital are considered in the Quesnay’s Economic Table?
Fix and variable capital
Total, average and marginal capital
Fundamental, sovereign, primitive and annual capital
Initial and in process capital
40
Who was Charles Davenant?
A French statesman, mercantilist, from 17th century
An English economist, mercantilist, from 17th and 18th centuries
A French philosopher, marginalist, from 18th and 19th centuries
An Austrian economist, from the German Historical School, from 19th century
41
The German Historical School:
Believed in less intervention of government in the economy
Was developed in the late 19th century as an alternative to mercantilism
Emphasized nationalistic and historical ideas
Argued that certain policies that are relevant for one country may also be
42
Which one is the book of Adam Smith?
A treatise on political economy (1803)
The theory of moral sentiments (1759)
On the principles of political economy and taxation (1817)
On liberty (1859)
43
Which ruler of the Timurid Empire implemented monetary reforms (replacing old coins of lower value with new coins)?
Amir Temur
Ulugh beg
Zahiruddin Muhammad Babur
Shahrukh Mirza
44
Which classes are considered in the Physiocratic Input-Output Table?
Productive, sterile, proprietary
Statesmen, priests, laborers
Proletariat, bourgeoisie
Workers, capitalists
45
According to Alishir Nava’i, on what criteria should the price of something be determined?
The difficulty of making it
Government order
The amount of utility derived from its consumption
The amount of capital required to produce it

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