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Economic History of Economic Policy

Description: This quiz covers the history of economic policy, from the mercantilist era to the present day.
Number of Questions: 15
Created by:
Tags: economic history economic policy
Attempted 0/15 Correct 0 Score 0

What was the primary goal of mercantilism?

  1. To maximize exports and minimize imports

  2. To promote free trade and open markets

  3. To encourage domestic production and consumption

  4. To redistribute wealth from the rich to the poor


Correct Option: A
Explanation:

Mercantilism was an economic policy that aimed to increase a country's wealth and power by maximizing exports and minimizing imports.

What was the Physiocrats' main contribution to economic thought?

  1. The idea that the economy is a self-regulating system

  2. The concept of laissez-faire

  3. The theory of marginal utility

  4. The development of input-output analysis


Correct Option: A
Explanation:

The Physiocrats were a group of French economists in the 18th century who believed that the economy is a self-regulating system that is governed by natural laws.

What was the main goal of the classical economists?

  1. To promote economic growth

  2. To ensure full employment

  3. To stabilize prices

  4. To redistribute wealth from the rich to the poor


Correct Option: A
Explanation:

The classical economists, such as Adam Smith and David Ricardo, believed that the main goal of economic policy should be to promote economic growth.

What was the main cause of the Great Depression?

  1. The stock market crash of 1929

  2. The failure of the banking system

  3. The collapse of international trade

  4. All of the above


Correct Option: D
Explanation:

The Great Depression was caused by a combination of factors, including the stock market crash of 1929, the failure of the banking system, and the collapse of international trade.

What was the main goal of the New Deal?

  1. To provide relief to the unemployed

  2. To stimulate economic recovery

  3. To reform the financial system

  4. All of the above


Correct Option: D
Explanation:

The New Deal was a series of programs and policies implemented by President Franklin D. Roosevelt in the 1930s to address the Great Depression. The main goals of the New Deal were to provide relief to the unemployed, stimulate economic recovery, and reform the financial system.

What was the main cause of the stagflation of the 1970s?

  1. The oil crisis of 1973

  2. The Vietnam War

  3. The expansionary monetary policy of the Federal Reserve

  4. All of the above


Correct Option: D
Explanation:

The stagflation of the 1970s was caused by a combination of factors, including the oil crisis of 1973, the Vietnam War, and the expansionary monetary policy of the Federal Reserve.

What was the main goal of the Reaganomics?

  1. To reduce taxes

  2. To cut government spending

  3. To deregulate the economy

  4. All of the above


Correct Option: D
Explanation:

Reaganomics was a set of economic policies implemented by President Ronald Reagan in the 1980s. The main goals of Reaganomics were to reduce taxes, cut government spending, and deregulate the economy.

What was the main cause of the financial crisis of 2008?

  1. The subprime mortgage crisis

  2. The failure of the investment bank Lehman Brothers

  3. The collapse of the housing market

  4. All of the above


Correct Option: D
Explanation:

The financial crisis of 2008 was caused by a combination of factors, including the subprime mortgage crisis, the failure of the investment bank Lehman Brothers, and the collapse of the housing market.

What was the main goal of the Dodd-Frank Wall Street Reform and Consumer Protection Act?

  1. To reform the financial system

  2. To protect consumers from predatory lending practices

  3. To create a new consumer financial protection agency

  4. All of the above


Correct Option: D
Explanation:

The Dodd-Frank Wall Street Reform and Consumer Protection Act was a set of financial reforms enacted in the United States in 2010. The main goals of the Dodd-Frank Act were to reform the financial system, protect consumers from predatory lending practices, and create a new consumer financial protection agency.

What is the main goal of the Federal Reserve?

  1. To conduct monetary policy

  2. To supervise and regulate banks

  3. To promote economic growth and stability

  4. All of the above


Correct Option: D
Explanation:

The Federal Reserve is the central bank of the United States. The main goals of the Federal Reserve are to conduct monetary policy, supervise and regulate banks, and promote economic growth and stability.

What is the main goal of the World Bank?

  1. To provide financial assistance to developing countries

  2. To promote economic development

  3. To reduce poverty

  4. All of the above


Correct Option: D
Explanation:

The World Bank is an international financial institution that provides financial assistance to developing countries. The main goals of the World Bank are to promote economic development, reduce poverty, and improve living standards.

What is the main goal of the International Monetary Fund?

  1. To promote international monetary cooperation

  2. To facilitate international trade

  3. To provide financial assistance to countries in need

  4. All of the above


Correct Option: D
Explanation:

The International Monetary Fund is an international financial institution that promotes international monetary cooperation, facilitates international trade, and provides financial assistance to countries in need.

What is the main goal of the World Trade Organization?

  1. To promote free trade

  2. To reduce trade barriers

  3. To resolve trade disputes

  4. All of the above


Correct Option: D
Explanation:

The World Trade Organization is an international organization that promotes free trade, reduces trade barriers, and resolves trade disputes.

What is the main goal of the Group of Twenty (G20)?

  1. To promote international economic cooperation

  2. To address global economic challenges

  3. To coordinate economic policies

  4. All of the above


Correct Option: D
Explanation:

The Group of Twenty (G20) is an international forum for the governments and central bank governors of the world's largest economies. The main goals of the G20 are to promote international economic cooperation, address global economic challenges, and coordinate economic policies.

What is the main goal of the United Nations Conference on Trade and Development (UNCTAD)?

  1. To promote trade and development

  2. To assist developing countries in their trade negotiations

  3. To provide technical assistance to developing countries

  4. All of the above


Correct Option: D
Explanation:

The United Nations Conference on Trade and Development (UNCTAD) is an intergovernmental organization that promotes trade and development. The main goals of UNCTAD are to assist developing countries in their trade negotiations, provide technical assistance to developing countries, and promote trade and development.

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