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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 | 1,131 |
| Average score | 57.1% |
| Rating | 4.40 | Report this quiz | Report |
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1. Where was the world's first stock exchange established?
Amsterdam
Luxembourg
Frankfurt
Paris
2. What do Bull and Bear symbolize?
Boom and Downturn
Surplus and Debt
Capitalism and Socialism
3. What is a goal in mercantilism?
To export more than to import
To put money into circulation
To reduce tariffs
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?
1950s
1830s
1920s
1980s
6. What is stagflation?
High inflation + high unemployment
Pay raises that match inflation
an inflation of 0%
7. Until 1971, the US Dollar was convertible to which metal?
Iron
Copper
Gold
Silver
8. What is a key concept of Keynesianism?
The ideas of John Maynard Keynes played a major role in Franklin D. Roosevelt's New Deal policies of the 1930s and 40s.
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
9. Where did Karl Marx believe would socialist societies first emerge?
He thought that capitalism first had to squeeze out its positive effects, before inevitably collapsing after severe crises.
In highly developed countries
In the poorest and most oppressed countries
In the whole world at once
10. What is the name for a famous group of free market advocates, among them Milton Friedman?
Boston School
Philadelphia School
Chicago School
San Francisco School
11. Which bank played a major role triggering the 2008 Great Recession when it filed for bankruptcy?
Merrill Lynch
Lehman Brothers
Goldman Sachs
12. What is measured when one speaks of economic growth of a country?
The market value of the goods it has produced
The median income of its population
The budget surplus it has acquired
13. Since the 1950s, how has the top tax rate in the United States changed?
During the Eisenhower presidency, the top marginal tax rate stayed around 90%.
It hardly changed.
It has been increased continually.
It has been lowered continually.
14. Who was usually taxed in ancient Athens?
Many considered this an honor.
manufacturers
farmers
foreigners living in the city
the richest
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