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Economics Multiple Choice
How many of these questions related to economics can you answer correctly?
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Last updated: February 6, 2020
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| First submitted | February 5, 2020 |
| Times taken | 791 |
| Average score | 57.1% | Report this quiz | Report |
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1.
Where was the world's first stock exchange established?
Frankfurt
✓
Luxembourg
✓
Paris
✓
Amsterdam
✓
2.
What do Bull and Bear symbolize?
Boom and Downturn
✓
Surplus and Debt
✓
Capitalism and Socialism
✓
3.
What is a goal in mercantilism?
To put money into circulation
✓
To reduce tariffs
✓
To export more than to import
✓
4.
Why does free market economy work, according to Adam Smith?
Because the most able end up controlling everything
✓
Because people care for each other
✓
Because everyone cares for his/her own profit
✓
5.
Which decade is most associated with "Economic Miracles" that took place in Germany, Italy, Japan, and other countries?
1980s
✓
1830s
✓
1950s
✓
1920s
✓
6.
What is stagflation?
an inflation of 0%
✓
Pay raises that match inflation
✓
High inflation + high unemployment
✓
7.
Until 1971, the US Dollar was convertible to which metal?
Iron
✓
Gold
✓
Copper
✓
Silver
✓
8.
What is a key concept of Keynesianism?
Governments should actively stimulate the economy
✓
The state should only have a bare minimum of tasks
✓
The unemployed should be forced to work for benefits
✓
The ideas of John Maynard Keynes played a major role in Franklin D. Roosevelt's New Deal policies of the 1930s and 40s.
9.
Where did Karl Marx believe would socialist societies first emerge?
In the whole world at once
✓
In highly developed countries
✓
In the poorest and most oppressed countries
✓
He thought that capitalism first had to squeeze out its positive effects, before inevitably collapsing after severe crises.
10.
What is the name for a famous group of free market advocates, among them Milton Friedman?
Philadelphia School
✓
Boston School
✓
Chicago School
✓
San Francisco School
✓
11.
Which bank played a major role triggering the 2008 Great Recession when it filed for bankruptcy?
Goldman Sachs
✓
Merrill Lynch
✓
Lehman Brothers
✓
12.
What is measured when one speaks of economic growth of a country?
The market value of the goods it has produced
✓
The budget surplus it has acquired
✓
The median income of its population
✓
13.
Since the 1950s, how has the top tax rate in the United States changed?
It hardly changed.
✓
It has been lowered continually.
✓
It has been increased continually.
✓
During the Eisenhower presidency, the top marginal tax rate stayed around 90%.
14.
Who was usually taxed in ancient Athens?
manufacturers
✓
farmers
✓
the richest
✓
foreigners living in the city
✓
Many considered this an honor.
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