Econ 102 - Principles of Macroeconomics » Fall 2022 » First Chapter Quiz

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Question #1
Today Japan, Hong Kong and the United States are considered
A.   Fascist economies
B.   Cooperative economies
C.   Command Oriented economies
D.   Market Oriented economies
Question #2
Under Feudalism
A.   All the land was owned by the Lord and therefore no land was available to the serf
B.   The only social classes in the Middle Ages were the Lord and serfs.
C.   Peasants and Serfs were slaves to the Lord
D.   Serfs and their offspring belonged to the Feudal Manor and thus, the Lord
Question #3
Markets
A.   Are specific to capitalism. There are no markets in countries where socialism exists.
B.   Are place specific. You must have a building to have a market.
C.   Determine how much is produced and what price goods will sell for.
D.   In the US, are heavily coordinated by governmental agencies.
Question #4
Under Primitive Communalism
A.   Tribes worked together to ensure the subsistence of all members
B.   Human beings were private property
C.   Social classes did not exist
D.   Serfs lived and worked for the Lord
Question #5
Today China is considered a
A.   Command Oriented economy
B.   Market Oriented economy
C.   Fascist economy
D.   Cooperative economy
Question #6
The payment to laborers include
A.   Expenses and bonuses
B.   Wages and salaries
C.   Interest and profits
D.   Debt and taxes
Question #7
By the end of the 18th and 19th centuries, landlords fenced in nearly all of the "common land" thereby taking away the peasant's right to use this land for farming or grazing. This process is known as
A.   Capitalism
B.   Enclosures
C.   Bad news for the peasants
D.   Putting out
Question #8
The payment to land owners include
A.   Interest and profits
B.   rent
C.   Expenses and Bonuses
D.   Wages and salaries
Question #9
Adam Smith is considered a ________ while Marx is considered a __________ and Keynes is considered a ___________.
A.   Conservative, Liberal, and Radical
B.   Liberal, Radical, and Conservative
C.   Liberal, Conservative, and Radical
D.   Conservative, Radical, and Liberal
Question #10
Adam Smith believed all of the following EXCEPT
A.   The government should play a large role in the functioning of economic systems
B.   Surplus is created by dividing jobs into their smaller tasks to improve efficiency
C.   Economies corrected themselves through the forces of supply and demand
D.   Laissez-Faire was a best practice for politicians

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