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.   Karl Marx
B.   Amber Casolari
C.   Adam Smith
D.   John Maynard Keynes
Question #2
The distinguishing feature of a slave economy is:
A.   the dominance of plantations
B.   racism
C.   the absence of markets
D.   human beings as private property
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.   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.   mercantilism or trade between nations for an individual profit led to the entrepreneurial spirit-the basis for capitalism.
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.   Determine how much is produced and what price goods will sell for.
C.   Are place specific. You must have a building to have a market.
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.   Command Oriented economy
C.   Market Oriented economy
D.   Cooperative economy
Question #7
The payment to laborers include
A.   Wages and salaries
B.   Interest and profits
C.   Debt and taxes
D.   Expenses and bonuses
Question #8
The payment to land owners include
A.   Interest and profits
B.   Wages and salaries
C.   rent
D.   Expenses and Bonuses
Question #9
Adam Smith is considered a ________ while Marx is considered a __________ and Keynes is considered a ___________.
A.   Liberal, Radical, and Conservative
B.   Conservative, Radical, and Liberal
C.   Liberal, Conservative, and Radical
D.   Conservative, Liberal, and Radical

Need help with your exam preparation?

Existing Quiz Clients Login here