Economics Multiple Choice

How many of these questions related to economics can you answer correctly?
Quiz by camus
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Last updated: February 6, 2020
First submittedFebruary 5, 2020
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1. Where was the world's first stock exchange established?
Frankfurt
Paris
Amsterdam
Luxembourg
2. What do Bull and Bear symbolize?
Capitalism and Socialism
Boom and Downturn
Surplus and Debt
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 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?
1830s
1920s
1980s
1950s
6. What is stagflation?
Pay raises that match inflation
High inflation + high unemployment
an inflation of 0%
7. Until 1971, the US Dollar was convertible to which metal?
Copper
Iron
Silver
Gold
8. What is a key concept of Keynesianism?
Governments should actively stimulate the economy
The unemployed should be forced to work for benefits
The state should only have a bare minimum of tasks
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?
Chicago School
San Francisco School
Philadelphia School
Boston 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 budget surplus it has acquired
The market value of the goods it has produced
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 increased continually.
It has been lowered continually.
During the Eisenhower presidency, the top marginal tax rate stayed around 90%.
14. Who was usually taxed in ancient Athens?
farmers
the richest
manufacturers
foreigners living in the city
Many considered this an honor.
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