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- 1. Multiple ChoiceAccording to the iron law of wages, how does an increase in population affect wages?A population surplus leads to lower wagesA population surplus leads to a reduction in crime and sicknessA population surplus leads to an increase in job opportunitiesA population surplus lead to higher wages
- 2. Multiple ChoiceHow are the economic theories of Thomas Malthus and David Ricardo similar?Malthus and Ricardo both believed that a lack of profit caused businesses to exploit workersMalthus and Ricardo both believed the governments should take a laissez faire approach to economics.Malthus and Ricardo both believed the plight of the working class was inevitableMalthus and Ricardo both believed poor working conditions and wages was the fault of the underclass being uneducated.
- 3. Multiple Choice
Which idea is most closely associated with laissez faire economics?
Communes
Trade unionism
subsistence agriculture
Free trade
- 4. Multiple Choice
Adam Smith would most likely agree with which statement?
Revolution is the only solution to economic problems.
Five-year plans are necessary in order to industrialize.
All nations would benefit from an agricultural economy.
Government should follow a laissez-faire policy.
- 5. Multiple Choice
Adam Smith’s Wealth of Nations stressed the importance of
tradition
supply and demand
large corporations
government ownership
- 6. Multiple ChoiceWho is the founder and creator of capitalism?Adam SmithKarl MarxFriedrich EngelsBernie Sanders
- 7. Multiple ChoicePeople that buy a productConsumersproducersgoodsservices
- 8. Multiple Choice
Wrote the Wealth of Nations
Karl Marx
Adam Smith
- 9. Multiple Choice
A Malthusian catastrophe is when
the population is lower than food supply
the population exceeds food supply
the population dances
the population populates the people
- 10. Multiple Choice
Smith's two laws of economics are:
The Law of Supply ad Demand and the Law of Competition
The Law of Supply and Demand and the Law of Populations
The Law of Competition and the Laws of nature
The Laws of Supply and Demand and the Laws of the local police force
- 11. Multiple Choice
Who is known as the father of capitalism, whose 1776 book "The Wealth of Nations" advocated laissez-faire theory?
Karl Marx
Adam Smith
John Maynard Keynes
F. A. Hayek
- 12. Multiple Choice
In Economics, it is the quantitiy of a product or service that is available for purchase.
Bullion
Demand
Import
Export
- 13. Multiple Choice
In Economics, supply is the quantitiy of a product or service that is available for purchase.
Bullion
Supply
Import
Export
- 14. Multiple Choice
refers to the relationship between supply and demand, and it is dependent on price. The higher the pirce is for a good or serve, the fewer people will want to buy it. Similarly, the scarcer aproduct or service the more money people will be willing to pay for it.
Supply
Supply and Demand
Subsidy
Tariff
- 15. Multiple Choice
Human activities concerned with the production, distribution, and consumption of goods and services.
Resources
Scarcity
Goods
Economy
- 16. Multiple Choice
Money that is used to make more money; money that is invested in a business.
Economy
Demand
Capital
Goods
- 17. Multiple ChoiceAdam Smith's laissez-faire theories are most closely associated withthe separation of church and stateminimal government regulation of the economya command economyhigh tariffs to protect domestic businesses
- 18. Multiple Choice
The physical and mental effort used to produce goods and services.
Labor
Capital
Land
Scarcity
- 19. Multiple ChoiceIf the supply of a good is higher than the demand, what happens to the price?It stays the samePrice goes downPrice goes upIt's FREE!!
- Answer choicesTagsAnswer choicesTags