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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 | 905 |
| Average score | 78.6% | Report this quiz | Report |
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1. Where was the world's first stock exchange established?
Paris
Frankfurt
Luxembourg
Amsterdam
2. What do Bull and Bear symbolize?
Surplus and Debt
Boom and Downturn
Capitalism and Socialism
3. What is a goal in mercantilism?
To put money into circulation
To reduce tariffs
To export more than to import
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?
1920s
1830s
1980s
1950s
6. What is stagflation?
an inflation of 0%
High inflation + high unemployment
Pay raises that match inflation
7. Until 1971, the US Dollar was convertible to which metal?
Iron
Silver
Gold
Copper
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 state should only have a bare minimum of tasks
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 whole world at once
In highly developed countries
In the poorest and most oppressed countries
10. What is the name for a famous group of free market advocates, among them Milton Friedman?
Philadelphia School
Chicago School
Boston School
San Francisco School
11. Which bank played a major role triggering the 2008 Great Recession when it filed for bankruptcy?
Merrill Lynch
Goldman Sachs
Lehman Brothers
12. What is measured when one speaks of economic growth of a country?
The market value of the goods it has produced
The budget surplus it has acquired
The median income of its population
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.
foreigners living in the city
farmers
manufacturers
the richest
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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.