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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 | 1,053 |
| 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?
Frankfurt
Amsterdam
Paris
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 export more than to import
To reduce tariffs
To put money into circulation
4. Why does free market economy work, according to Adam Smith?
Because people care for each other
Because everyone cares for his/her own profit
Because the most able end up controlling everything
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?
High inflation + high unemployment
Pay raises that match inflation
an inflation of 0%
7. Until 1971, the US Dollar was convertible to which metal?
Silver
Copper
Gold
Iron
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.
The state should only have a bare minimum of tasks
Governments should actively stimulate the economy
The unemployed should be forced to work for benefits
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 the poorest and most oppressed countries
In the whole world at once
In highly developed countries
10. What is the name for a famous group of free market advocates, among them Milton Friedman?
Boston School
Chicago School
San Francisco School
Philadelphia 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 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?
During the Eisenhower presidency, the top marginal tax rate stayed around 90%.
It hardly changed.
It has been lowered continually.
It has been increased continually.
14. Who was usually taxed in ancient Athens?
Many considered this an honor.
farmers
manufacturers
the richest
foreigners living in the city
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''Any foreigner staying in Athens for more than a month had to register as a metic, and pay the metic tax - a tax of a drachma a month. As a rule metics were not permitted to own land or work a mine.''
So foreigners were taxed.