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Economic History of Economic Institutions

Description: This quiz focuses on the history of economic institutions, exploring how they have evolved over time and their impact on economic development.
Number of Questions: 15
Created by:
Tags: economic history economic institutions economic development
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Which of the following is NOT a characteristic of feudalism?

  1. A hierarchical social structure

  2. Manorialism

  3. Capitalism

  4. Serfdom


Correct Option: C
Explanation:

Capitalism is a characteristic of modern economic systems, not feudalism.

What was the primary economic activity in medieval Europe?

  1. Agriculture

  2. Manufacturing

  3. Trade

  4. Mining


Correct Option: A
Explanation:

Agriculture was the primary economic activity in medieval Europe, as the majority of the population was engaged in farming.

Which economic system is characterized by private ownership of property and the profit motive?

  1. Socialism

  2. Communism

  3. Capitalism

  4. Mercantilism


Correct Option: C
Explanation:

Capitalism is an economic system characterized by private ownership of property and the profit motive.

What was the dominant economic theory in the 18th and 19th centuries?

  1. Classical economics

  2. Keynesian economics

  3. Marxian economics

  4. Institutional economics


Correct Option: A
Explanation:

Classical economics was the dominant economic theory in the 18th and 19th centuries, emphasizing the importance of individual liberty and free markets.

Which economic system is characterized by government ownership and control of the means of production?

  1. Socialism

  2. Communism

  3. Capitalism

  4. Mercantilism


Correct Option: A
Explanation:

Socialism is an economic system characterized by government ownership and control of the means of production.

What was the primary economic activity in the United States during the 19th century?

  1. Agriculture

  2. Manufacturing

  3. Trade

  4. Mining


Correct Option: A
Explanation:

Agriculture was the primary economic activity in the United States during the 19th century, as the majority of the population was engaged in farming.

Which economic system is characterized by a mixed economy, combining elements of both capitalism and socialism?

  1. Socialism

  2. Communism

  3. Capitalism

  4. Mixed economy


Correct Option: D
Explanation:

A mixed economy is an economic system characterized by a combination of elements from both capitalism and socialism.

What was the dominant economic theory in the 20th century?

  1. Classical economics

  2. Keynesian economics

  3. Marxian economics

  4. Institutional economics


Correct Option: B
Explanation:

Keynesian economics was the dominant economic theory in the 20th century, emphasizing the importance of government intervention to stabilize the economy.

Which economic system is characterized by the absence of private property and the collective ownership of resources?

  1. Socialism

  2. Communism

  3. Capitalism

  4. Mercantilism


Correct Option: B
Explanation:

Communism is an economic system characterized by the absence of private property and the collective ownership of resources.

What was the primary economic activity in the United States during the 20th century?

  1. Agriculture

  2. Manufacturing

  3. Trade

  4. Services


Correct Option: D
Explanation:

Services became the primary economic activity in the United States during the 20th century, as the economy shifted from a goods-producing to a service-producing economy.

Which economic system is characterized by government regulation and intervention in the economy?

  1. Socialism

  2. Communism

  3. Capitalism

  4. Mixed economy


Correct Option: D
Explanation:

A mixed economy is characterized by government regulation and intervention in the economy, combining elements of both capitalism and socialism.

What was the dominant economic theory in the 21st century?

  1. Classical economics

  2. Keynesian economics

  3. Marxian economics

  4. Behavioral economics


Correct Option: D
Explanation:

Behavioral economics is the dominant economic theory in the 21st century, emphasizing the influence of psychological and social factors on economic decision-making.

Which economic system is characterized by a command economy, where the government makes all economic decisions?

  1. Socialism

  2. Communism

  3. Capitalism

  4. Command economy


Correct Option: D
Explanation:

A command economy is an economic system characterized by a command economy, where the government makes all economic decisions.

What is the primary economic activity in the global economy today?

  1. Agriculture

  2. Manufacturing

  3. Trade

  4. Services


Correct Option: D
Explanation:

Services are the primary economic activity in the global economy today, as the majority of the workforce is engaged in service industries.

Which economic system is characterized by a market economy, where prices are determined by supply and demand?

  1. Socialism

  2. Communism

  3. Capitalism

  4. Mixed economy


Correct Option: C
Explanation:

Capitalism is an economic system characterized by a market economy, where prices are determined by supply and demand.

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