Statistics for Economics Multiple Choice

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Question	Answer	% Correct
Why does free market economy work, according to Adam Smith?	Because everyone cares for his/her own profit	84%
Until 1971, the US Dollar was convertible to which metal?	Gold	73%
What is a key concept of Keynesianism?	Governments should actively stimulate the economy	72%
What do Bull and Bear symbolize?	Boom and Downturn	68%
Which bank played a major role triggering the 2008 Great Recession when it filed for bankruptcy?	Lehman Brothers	68%
What is measured when one speaks of economic growth of a country?	The market value of the goods it has produced	68%
What is a goal in mercantilism?	To export more than to import	63%
What is stagflation?	High inflation + high unemployment	62%
Where was the world's first stock exchange established?	Amsterdam	51%
Which decade is most associated with "Economic Miracles" that took place in Germany, Italy, Japan, and other countries?	1950s	49%
What is the name for a famous group of free market advocates, among them Milton Friedman?	Chicago School	48%
Where did Karl Marx believe would socialist societies first emerge?	In highly developed countries	38%
Since the 1950s, how has the top tax rate in the United States changed?	It has been lowered continually.	35%
Who was usually taxed in ancient Athens?	the richest	25%

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