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.   Market Oriented economies
C.   Cooperative economies
D.   Command Oriented economies
Question #2
Under Feudalism
A.   Peasants and Serfs were slaves to the Lord
B.   All the land was owned by the Lord and therefore no land was available to the serf
C.   The only social classes in the Middle Ages were the Lord and serfs.
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.   In the US, are heavily coordinated by governmental agencies.
D.   Determine how much is produced and what price goods will sell for.
Question #4
Under Primitive Communalism
A.   Tribes worked together to ensure the subsistence of all members
B.   Serfs lived and worked for the Lord
C.   Human beings were private property
D.   Social classes did not exist
Question #5
Today China is considered a
A.   Market Oriented economy
B.   Cooperative economy
C.   Command Oriented economy
D.   Fascist economy
Question #6
The payment to laborers include
A.   Debt and taxes
B.   Wages and salaries
C.   Expenses and bonuses
D.   Interest and profits
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.   Bad news for the peasants
C.   Putting out
D.   Capitalism
Question #8
The payment to land owners include
A.   rent
B.   Interest and profits
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, Conservative, and Radical
B.   Liberal, Radical, and Conservative
C.   Conservative, Radical, and Liberal
D.   Conservative, Liberal, and Radical
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.   Economies corrected themselves through the forces of supply and demand
C.   Laissez-Faire was a best practice for politicians
D.   Surplus is created by dividing jobs into their smaller tasks to improve efficiency

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