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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 | 764 |
| Average score | 57.1% | Report this quiz | Report |
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1.
Where was the world's first stock exchange established?
Luxembourg
✓
Amsterdam
✓
Paris
✓
Frankfurt
✓
2.
What do Bull and Bear symbolize?
Capitalism and Socialism
✓
Surplus and Debt
✓
Boom and Downturn
✓
3.
What is a goal in mercantilism?
To reduce tariffs
✓
To export more than to import
✓
To put money into circulation
✓
4.
Why does free market economy work, according to Adam Smith?
Because the most able end up controlling everything
✓
Because everyone cares for his/her own profit
✓
Because people care for each other
✓
5.
Which decade is most associated with "Economic Miracles" that took place in Germany, Italy, Japan, and other countries?
1830s
✓
1920s
✓
1950s
✓
1980s
✓
6.
What is stagflation?
an inflation of 0%
✓
High inflation + high unemployment
✓
Pay raises that match inflation
✓
7.
Until 1971, the US Dollar was convertible to which metal?
Gold
✓
Iron
✓
Silver
✓
Copper
✓
8.
What is a key concept of Keynesianism?
The unemployed should be forced to work for benefits
✓
The state should only have a bare minimum of tasks
✓
Governments should actively stimulate the economy
✓
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 highly developed countries
✓
In the whole world at once
✓
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?
San Francisco School
✓
Philadelphia School
✓
Boston School
✓
Chicago School
✓
11.
Which bank played a major role triggering the 2008 Great Recession when it filed for bankruptcy?
Lehman Brothers
✓
Goldman Sachs
✓
Merrill Lynch
✓
12.
What is measured when one speaks of economic growth of a country?
The median income of its population
✓
The market value of the goods it has produced
✓
The budget surplus it has acquired
✓
13.
Since the 1950s, how has the top tax rate in the United States changed?
It has been lowered continually.
✓
It hardly changed.
✓
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?
the richest
✓
manufacturers
✓
foreigners living in the city
✓
farmers
✓
Many considered this an honor.
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