Which was a theory introduced by Adam Smith? Select one: a. Theory of Population. b. Theory of Market Gluts. c. Theory of Economic Development. d. Theory of Income Distribution.
Which was a theory introduced by Adam Smith?
Select one:
a. Theory of Population.
b. Theory of Market Gluts.
c. Theory of Economic Development.
d. Theory of Income Distribution.
Which one was true about Hesiod's thought?
Select one:
a. Because of unlimited resources, choices had to be made between work and leisure
b. Basic economic problem was limited resources
c. Efficient management required effective leadership
d. Trade was an inferior way of acquiring wealth
Which was not a true statement to refer to the economy environment before AD 1500?
Select one:
a. Strong national states
b. Self-sufficient economy
c. Money and credit were not widely used
d. There was little trade
Which was not one of the major tenets of the Classical School?
Select one:
a. Self-interested economic behavior.
b. Economic analysis such as Theory of Rent.
c. Total government involvement.
d. Harmony of interests.
Which was not one of the economic justices discussed by Aristotle?
Select one:
a. Retributive justice
b. Distributive justice
c. Rectificatory justice
d. Reciprocal justice
Which was not the major contribution of Anne Robert during his time?
Select one:
a. Freedom to choose occupation.
b. Religious liberty.
c. Boost government expenditure to create larger aggregate demand.
d. Creation of central bank.
Which was not one of the reasons of adopting nationalism for Mercantilist?
Select one:
a. To win wars against rival.
b. To promote equal rights between commoners and land owners.
c. To dominate trade routes.
d. To encourage trade surplus.
Which was not the reason why labor earned naturally low wages without government intervention?
Select one:
a. Child labor.
b. High labor supply.
c. Private ownership of land.
d. High death rate.
Which was not the major principle of Mercantilist School?
Select one:
a. Gold and Silver was the most desirable form of wealth.
b. Promoting nationalism.
c. Promoting Laisseze-faire
d. The importance of trade surplus
Which was one of the major tenets of Physiocracy?
Select one:
a. Strong central government.
b. Gold and Silver as a measure to nation’s wealth.
c. Supported the concept of Laissez-Faire.
d. Emphasis on trade surplus.
Which was true about the Theory of Rent discussed by David Ricardo?
Select one:
a. Rent exists because of the growth in population.
b. Rent exists because of shortage of infertile soil.
c. Rent exists because abundance of land is available in the country.
d. Rent exists because of shortage in the demand for subsistenc
Which was not the theory discussed by David Ricardo?
Select one:
a. Theory of Rent.
b. Theory of Population.
c. Theory of Value.
d. Theory of Income Distribution.
Who should be taxed according to Physiocrats?
Select one:
a. Farmers.
b. Handicraftsmen.
c. Labourers.
d. Landlords.
Why had most socialists rejected the concept of Laissez-faire?
Select one:
a. Government potentially can be a good representative for the working class.
b. Government promotes corruption thus lead to destruction.
c. It neglects agriculture sectors.
d. It creates lesser job opportunity.
Why did physiocrats emphasized on agricultural sector?
Select one:
a. To promote equality.
b. They thought that industrial sector was useless.
c. They thought that only agriculture was productive.
d. To inflict revenge towards the noblemen.
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