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.   Adam Smith
D.   John Maynard Keynes
Question #2
The distinguishing feature of a slave economy is:
A.   human beings as private property
B.   the dominance of plantations
C.   the absence of markets
D.   racism
Question #3
Under Primitive Communalism
A.   Human beings were private property
B.   Serfs lived and worked for the Lord
C.   Social classes did not exist
D.   Tribes worked together to ensure the subsistence of all members
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.   In the US, are heavily coordinated by governmental agencies.
B.   Are specific to capitalism. There are no markets in countries where socialism exists.
C.   Are place specific. You must have a building to have a market.
D.   Determine how much is produced and what price goods will sell for.
Question #6
Today China is considered a
A.   Market Oriented economy
B.   Command Oriented economy
C.   Fascist economy
D.   Cooperative 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.   Wages and salaries
C.   Expenses and Bonuses
D.   rent
Question #9
Adam Smith is considered a ________ while Marx is considered a __________ and Keynes is considered a ___________.
A.   Liberal, Radical, and Conservative
B.   Liberal, Conservative, and Radical
C.   Conservative, Radical, and Liberal
D.   Conservative, Liberal, and Radical

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