Econ 102 - Principles of Macroeconomics » Fall 2021 » Practice Quiz on identifying Perspectives

Need help with your exam preparation?

Question #1
Which perspective is represented here Keynes and his followers were not strong enough in their ideas. Specifically, they were too willing to accept the idea of a natural market, that is somehow pre-existing, but may require the intervention of the government to achieve both full employment and important public goals. The point is that the government structures the market in very fundamental ways. It can and does structure it differently through time in ways that have an enormous impact on the distribution of income. In the United States, we have a structure of governance that makes it extremely difficult for shareholders to rein in the pay of CEOs and other top management. This is a source of massive inequality as the ratio of CEO pay to the pay of ordinary workers has exploded from just around 20 to 1 five decades ago, to around 200 to 1 today.
A.   Physiocrat
B.   Mercantilist
C.   Liberal
D.   Conservative
E.   Progressive/ radical
Question #2
Which perspective is represented here in this quote from former President Trump China's unbalanced trade with the U.S. is the greatest theft in the history of the world. Our trade deficit with China is like having a business that continues to lose money every single year. The money they took out of the U.S. is the greatest theft in the history of our country. We can stop this by imposing tariffs that is a tax on goods imported from China.
A.   Liberal
B.   Progressive/radical
C.   Mercantilist
D.   Conservative
E.   Physiocrat
Question #3
Which perspective is represented in this quote from former President Trump? No longer can we allow these government rules and regulations to tie down our economy, chain up our prosperity, and sap our great American spirit. That is why we will lift these restrictions and unleash the full potential of the United States. We think we can cut regulations by 75 percent. Maybe more but by 75 percent.
A.   Progressive/radical
B.   Conservative
C.   Liberal
D.   Physiocrat
E.   Mercantilist
Question #4
Which perspective is represented in this quote from President Biden? Today’s elevated unemployment will mean lower demand, which will mean lower growth for our economy (which relies on consumption). A robust jobs agenda will increase demand. That is why many economists agree that if we fail to make far-reaching, productive investments, it will undermine not only our long-term growth potential, but also our long-term fiscal situation. We’ve seen the need for a more resilient economy for the long-term, and that means investing in a modern, sustainable infrastructure and sustainable engines of growth — from roads and bridges, to energy grids and schools, to universal broadband.
A.   Mercantilist
B.   Liberal
C.   Conservative
D.   Progressive/radical
E.   Physiocrat
Question #5
Which perspective is represented on this sign posted on I-5 in the Central Valley: "Farmers feed California. We need more dams to provide water for irrigation"
A.   Mercantilist
B.   Progressive
C.   Physiocratic
D.   Liberal
E.   Conservative

Need help with your exam preparation?