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

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