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

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