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

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