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

Need help with your exam preparation?

Existing Quiz Clients Login here
Question #1
Today Japan, Hong Kong and the United States are considered
A.   Command Oriented economies
B.   Market Oriented economies
C.   Cooperative economies
D.   Fascist economies
Question #2
Under Feudalism
A.   Serfs and their offspring belonged to the Feudal Manor and thus, the Lord
B.   The only social classes in the Middle Ages were the Lord and serfs.
C.   Peasants and Serfs were slaves to the Lord
D.   All the land was owned by the Lord and therefore no land was available to the serf
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.   Social classes did not exist
B.   Tribes worked together to ensure the subsistence of all members
C.   Human beings were private property
D.   Serfs lived and worked for the Lord
Question #5
Today China is considered a
A.   Command Oriented economy
B.   Cooperative economy
C.   Market Oriented economy
D.   Fascist economy
Question #6
The payment to laborers include
A.   Expenses and bonuses
B.   Interest and profits
C.   Debt and taxes
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.   Capitalism
B.   Enclosures
C.   Putting out
D.   Bad news for the peasants
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, Liberal, and Radical
B.   Liberal, Conservative, and Radical
C.   Conservative, Radical, and Liberal
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.   Laissez-Faire was a best practice for politicians
C.   The government should play a large role in the functioning of economic systems
D.   Economies corrected themselves through the forces of supply and demand

Need help with your exam preparation?

Existing Quiz Clients Login here