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

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