Economic Theories and Ideologies Quiz

Who is considered the founder of modern economics?

• Thomas Malthus
• Karl Marx
• Adam Smith
• John Maynard Keynes

What did Thomas Malthus predict about population growth?

• It would stabilize over time
• It would outpace food production
• It would decrease significantly
• It would lead to technological advancements

What is the main idea of the theory of comparative advantage?

• Countries should produce everything they need
• Trade can benefit both parties even if one is more efficient
• Only one country should dominate trade
• Trade should be avoided

Which economic ideology advocates for collective ownership of production?

• Capitalism
• Socialism
• Communism
• Mercantilism

What did John Maynard Keynes argue was necessary during recessions?

• Less government intervention
• Increased government spending
• Higher taxes
• Complete market deregulation

Which school of thought argues against government intervention in the economy?

• Keynesian Economics
• Austrian School
• Classical Economics
• Socialism

What is stagflation?

• High inflation with high unemployment
• Low inflation with high growth
• High growth with low unemployment
• Low inflation with low growth

What is the main focus of monetarism?

• Government spending
• Price stability
• Labor rights
• Trade agreements

Which economic theory gained traction during the 1970s due to stagflation?

• Keynesian Economics
• Monetarism
• Socialism
• Classical Economics

What is the 'new neoclassical synthesis'?

• A combination of classical and Keynesian ideas
• A rejection of all economic theories
• A focus on Marxist principles
• An emphasis on government control