Econ 102 - Principles of Macroeconomics » Spring 2023 » First Chapter Quiz

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Question #1
This scholar wrote that the most pressing concern of the economy during the 1920s and 1930s was the lack of aggregate demand caused by unemployment:
A.   Amber Casolari
B.   John Maynard Keynes
C.   Adam Smith
D.   Karl Marx
Question #2
The distinguishing feature of a slave economy is:
A.   the absence of markets
B.   the dominance of plantations
C.   human beings as private property
D.   racism
Question #3
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 #4
Which of the following led to the formation of Capitalism?
A.   a shortage of labor led Lords to rent land to peasants rather than taking a portion or farm production from the serfs
B.   mercantilism or trade between nations for an individual profit led to the entrepreneurial spirit-the basis for capitalism.
C.   all of these
D.   factories were built the because the "putting out" system was unsuccessful
Question #5
Markets
A.   In the US, are heavily coordinated by governmental agencies.
B.   Are place specific. You must have a building to have a market.
C.   Are specific to capitalism. There are no markets in countries where socialism exists.
D.   Determine how much is produced and what price goods will sell for.
Question #6
Today China is considered a
A.   Fascist economy
B.   Cooperative economy
C.   Market Oriented economy
D.   Command Oriented economy
Question #7
The payment to laborers include
A.   Wages and salaries
B.   Debt and taxes
C.   Expenses and bonuses
D.   Interest and profits
Question #8
The payment to land owners include
A.   Interest and profits
B.   Expenses and Bonuses
C.   rent
D.   Wages and salaries
Question #9
Adam Smith is considered a ________ while Marx is considered a __________ and Keynes is considered a ___________.
A.   Liberal, Conservative, and Radical
B.   Conservative, Radical, and Liberal
C.   Liberal, Radical, and Conservative
D.   Conservative, Liberal, and Radical

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