
HET Classical Economics Quiz
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Social Studies
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University
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syamsulang sarifuddin
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is considered the founder of classical economics?
David Ricardo
Jeremy Bentham
Adam Smith
John Stuart Mill
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What concept is David Ricardo most associated with?
The Invisible Hand
Utilitarianism
Comparative Advantage
Hedonic Calculus
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to Ricardo's Iron Law of Wages, wages tend to stabilize at a level that:
Ensures worker luxury
Provides workers with more than they need
Keeps wages just enough for subsistence
Continues increasing over time
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What was Ricardo's theory on income distribution?
It categorizes income as wages, rent, and profits.
It disregards the role of land in income distribution.
It focuses solely on laborers.
It is based on demand and supply alone.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the key difference between Ricardo's and Adam Smith's theories of value?
Smith focused only on demand
Ricardo emphasized labor as the primary determinant of value in the long term
Ricardo ignored labor costs
Smith believed value was driven only by scarcity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which theory argues that the government should avoid intervening in markets, according to classical economists like Ricardo?
Keynesian Economics
Laissez-faire
Marxism
Monetarism
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What economic principle did Ricardo introduce to explain why countries should engage in international trade?
Hedonic Calculus
Iron Law of Wages
Theory of Comparative Advantage
Law of Supply and Demand
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