Economics Quiz II

Who articulated the doctrine of natural rights and the concept of the blank slate?

• Adam Smith
• John Locke
• Thomas Hobbes
• David Hume

What financial institution was established in 1694 to provide a stable state currency?

• Bank of England
• Federal Reserve
• European Central Bank
• International Monetary Fund

What does the term 'liability' refer to in a financial context?

• A financial gain
• A legal responsibility
• An investment opportunity
• A type of asset

Which concept allows individuals to accumulate land and materials for private use?

• Common Land
• Private Property
• Public Domain
• Collective Ownership

What are natural rights?

• Rights granted by the government
• Universal rights inherent to all individuals
• Rights based on social status
• Rights that can be revoked

What is the term for the financial gain from an investment?

• Revenue
• Profit
• Loss
• Equity

What was the process of enclosing common land for agriculture called?

• Urbanization
• Enclosure
• Commercialization
• Industrialization

What does liberty refer to in a societal context?

• Economic freedom
• Political rights
• Social equality
• Freedom from oppression

What does proto-industrialization refer to?

• The rise of factories
• Rural and home manufacturing
• Urban development
• Agricultural revolution

What is an incentive in economic terms?

• A penalty for failure
• A motivation to act
• A fixed cost
• A type of investment