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History of Economics and Business

Description: This quiz covers the history of economics and business, from the ancient world to the present day.
Number of Questions: 15
Created by:
Tags: economics business history
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Who is considered the father of economics?

  1. Adam Smith

  2. Karl Marx

  3. John Maynard Keynes

  4. Milton Friedman


Correct Option: A
Explanation:

Adam Smith is widely regarded as the father of economics due to his seminal work, 'An Inquiry into the Nature and Causes of the Wealth of Nations', published in 1776.

What was the name of the economic system that dominated the world economy from the 16th to the 19th centuries?

  1. Mercantilism

  2. Capitalism

  3. Socialism

  4. Communism


Correct Option: A
Explanation:

Mercantilism was the dominant economic system during the Age of Exploration and Colonization, characterized by government intervention and regulation of trade and industry.

Which economic theory emphasizes the importance of individual liberty and limited government intervention?

  1. Classical Economics

  2. Keynesian Economics

  3. Monetarism

  4. Marxian Economics


Correct Option: A
Explanation:

Classical Economics, associated with economists like Adam Smith and David Ricardo, advocates for individual liberty and minimal government interference in economic activities.

What was the name of the economic crisis that began in the United States in 1929 and had a devastating impact on the global economy?

  1. The Great Depression

  2. The Great Recession

  3. The Panic of 1873

  4. The Great Famine


Correct Option: A
Explanation:

The Great Depression was a severe worldwide economic depression that began in the United States in the 1930s.

Which economic theory emphasizes the role of government spending and monetary policy in stimulating economic growth?

  1. Classical Economics

  2. Keynesian Economics

  3. Monetarism

  4. Marxian Economics


Correct Option: B
Explanation:

Keynesian Economics, developed by John Maynard Keynes, advocates for government intervention through fiscal and monetary policies to stimulate economic growth during economic downturns.

What was the name of the economic system that emerged in the Soviet Union and other communist countries during the 20th century?

  1. Capitalism

  2. Socialism

  3. Communism

  4. Mercantilism


Correct Option: C
Explanation:

Communism, based on the ideas of Karl Marx, involves the public ownership of property and the absence of private enterprise.

Which economic theory emphasizes the importance of controlling the money supply to regulate economic activity?

  1. Classical Economics

  2. Keynesian Economics

  3. Monetarism

  4. Marxian Economics


Correct Option: C
Explanation:

Monetarism, associated with economists like Milton Friedman, emphasizes the role of the money supply in determining economic activity.

What was the name of the international financial institution established in 1944 to promote international monetary cooperation and exchange rate stability?

  1. The World Bank

  2. The International Monetary Fund (IMF)

  3. The World Trade Organization (WTO)

  4. The United Nations (UN)


Correct Option: B
Explanation:

The International Monetary Fund (IMF) was established in 1944 to promote international monetary cooperation and exchange rate stability.

Which economic theory emphasizes the importance of class struggle and the eventual overthrow of capitalism?

  1. Classical Economics

  2. Keynesian Economics

  3. Monetarism

  4. Marxian Economics


Correct Option: D
Explanation:

Marxian Economics, developed by Karl Marx, emphasizes the importance of class struggle and the eventual overthrow of capitalism.

What was the name of the economic system that emerged in China after the death of Mao Zedong in 1976?

  1. Capitalism

  2. Socialism

  3. Communism

  4. Market Socialism


Correct Option: D
Explanation:

Market Socialism, implemented in China after Mao Zedong's death, combines elements of socialism and capitalism, allowing for private ownership and market forces.

Which economic theory emphasizes the importance of behavioral psychology in understanding economic decision-making?

  1. Classical Economics

  2. Keynesian Economics

  3. Behavioral Economics

  4. Marxian Economics


Correct Option: C
Explanation:

Behavioral Economics, pioneered by economists like Daniel Kahneman and Amos Tversky, incorporates insights from psychology to understand how individuals make economic decisions.

What was the name of the economic crisis that began in 2007 and had a significant impact on the global economy?

  1. The Great Depression

  2. The Great Recession

  3. The Panic of 1873

  4. The Great Famine


Correct Option: B
Explanation:

The Great Recession was a severe worldwide economic downturn that began in 2007 and continued until 2009.

Which economic theory emphasizes the importance of free trade and the removal of trade barriers?

  1. Mercantilism

  2. Protectionism

  3. Free Trade

  4. Marxian Economics


Correct Option: C
Explanation:

Free Trade advocates for the removal of trade barriers and the promotion of free movement of goods and services between countries.

What was the name of the economic system that emerged in the United States after the Civil War and was characterized by rapid industrialization and economic growth?

  1. The Gilded Age

  2. The Progressive Era

  3. The New Deal

  4. The Great Society


Correct Option: A
Explanation:

The Gilded Age, lasting from the 1870s to the early 1900s, was a period of rapid economic growth and industrialization in the United States.

Which economic theory emphasizes the importance of economic equality and social justice?

  1. Classical Economics

  2. Keynesian Economics

  3. Marxian Economics

  4. Social Economics


Correct Option: D
Explanation:

Social Economics focuses on the relationship between economics and social issues, emphasizing economic equality and social justice.

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