HET Classical Economics Quiz

HET Classical Economics Quiz

University

20 Qs

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HET Classical Economics Quiz

HET Classical Economics Quiz

Assessment

Quiz

Social Studies

University

Medium

Created by

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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