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

Need help with your exam preparation?

Existing Quiz Clients Login here
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.   John Maynard Keynes
B.   Amber Casolari
C.   Adam Smith
D.   Karl Marx
Question #2
The distinguishing feature of a slave economy is:
A.   racism
B.   the dominance of plantations
C.   human beings as private property
D.   the absence of markets
Question #3
Under Primitive Communalism
A.   Social classes did not exist
B.   Tribes worked together to ensure the subsistence of all members
C.   Serfs lived and worked for the Lord
D.   Human beings were private property
Question #4
Which of the following led to the formation of Capitalism?
A.   all of these
B.   a shortage of labor led Lords to rent land to peasants rather than taking a portion or farm production from the serfs
C.   factories were built the because the "putting out" system was unsuccessful
D.   mercantilism or trade between nations for an individual profit led to the entrepreneurial spirit-the basis for capitalism.
Question #5
Markets
A.   Determine how much is produced and what price goods will sell for.
B.   Are place specific. You must have a building to have a market.
C.   In the US, are heavily coordinated by governmental agencies.
D.   Are specific to capitalism. There are no markets in countries where socialism exists.
Question #6
Today China is considered a
A.   Market Oriented economy
B.   Fascist economy
C.   Cooperative economy
D.   Command Oriented economy
Question #7
The payment to laborers include
A.   Expenses and bonuses
B.   Interest and profits
C.   Wages and salaries
D.   Debt and taxes
Question #8
The payment to land owners include
A.   rent
B.   Expenses and Bonuses
C.   Interest and profits
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, Liberal, and Radical
C.   Conservative, Radical, and Liberal
D.   Liberal, Radical, and Conservative

Need help with your exam preparation?

Existing Quiz Clients Login here