Classic Economist and theories

What does the idea of ‘the invisible hand’ in Smith’s Wealth of Nations refer to?

• the tendency of free markets to regulate themselves by means of competition, supply and demand, and self-interest

• Protectionism

• The idea of French Physiocrats

What book, written by Smith, is considered by many to be the cornerstone of capitalism and was Smith's most famous work?

• The Wealth of Nations

• Capitalism and its Implications

• Economics and Political Systems

What type of economic system did Adam Smith support?

• a free market system

• mixed economic system

• planned economic system

A political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

• Communism

• Free enterprise system

• Karl Marx

• Law of competition

Ideas rose to power in the 1930s. Believed that government should do something to spark economic activity.

• Friedrich Hayek

• John Maynard Keynes

• Milton Friedman

when was he born

• December 31 1912

• July 31 1912

• April 11 1913

• May 15 1913

Malthus believed that the fear of _______ would reduce the birthrate. 

• war
• disease
• famine
• overpopulation 

What is one potential benefit of deregulation according to Supply Side Economics?

• Decreased competition and innovation
• Increased government revenue
• Decreased economic growth
• Increased investment and job creation

Who has the COMPARATIVE advantage in making bracelets?

• Marie

• Isabella

Which of the following do economists use to classify markets?

• number of firms

• size of firms

• type of product

• all of these are correct