Economic History Quiz

What invention by Isaac Newton significantly impacted the scientific developments of the 17th century?

• Ice cream

• Calculus

• The printing press

• The steam engine

Which war devastated European economies during the 17th century?

• The French Revolution

• The American Civil War

• The Thirty Years’ War

• The War of the Roses

What was the primary measure of wealth according to mercantilist doctrine?

• Land ownership

• Gold and silver reserves

• Agricultural production

• Population size

What type of government intervention was characteristic of mercantilism?

• Deregulation of trade

• Tariffs and subsidies

• Free trade agreements

• Privatization of state-owned enterprises

Who criticized state interventions in the economy and contributed to early liberal economic thought?

• Adam Smith

• Pierre Boisguilbert

• Karl Marx

• John Maynard Keynes

Which English economist advocated for empirical approaches and practical reforms?

• David Hume

• Sir William Petty

• Thomas Malthus

• Alfred Marshall

What was the title of Richard Cantillon’s influential work published posthumously?

• The Wealth of Nations

• The Theory of Moral Sentiments

• An Essay on the Nature of Trade in General

• Principles of Economics

Which of the following concepts did Cantillon explore in his economic analysis?

• The labor theory of value

• The role of government in economic growth

• The flow of money in economic activity

• The importance of fixed prices

According to the Physiocrats, what was the sole source of wealth?

• Manufacturing

• Trade

• Agriculture

• Technology

The Physiocrats advocated for which of the following economic principles?

• Government intervention in trade

• Free trade in agricultural products

• Heavy taxation on farmers

• Fixed prices for goods