History of Economic Thought Test

What is the main purpose of studying history?

• To memorize events

• To learn from the past and improve the future

• To record names and dates

• To analyze only wars

What does the history of economic thought primarily study?

• Modern policies

• Economic ideas and schools over time

• Only government policies

• Random historical events

According to Joseph Schumpeter, studying history helps us:

• Avoid new theories

• Prevent repetition and simplify understanding

• Ignore past mistakes

• Focus only on the present

What was the key economic activity in Mesopotamia?

• Large-scale industry

• Agriculture and tool production

• Modern trade

• Technology development

What regulated economic relations in Babylon?

• Modern laws

• Code of Hammurabi

• Trade unions

• Contracts

Why is it difficult to find economic texts from Ancient Egypt?

• They did not write

• They left more material memories than texts

• They focused only on trade

• They did not value the economy

What was the key feature of the economy of Ancient Egypt?

• Decentralized trade

• Control by temples and priests

• Free markets

• Focus on production

What event was critically important for the economy of Ancient Greece?

• Industrialization

• Invention of coins

• Creation of multinational banks

• Formation of trade unions

How does Homer's "Odyssey" relate to economics?

• It discussed trade routes

• It illustrated decision-making under constraints

• It focused on taxation

• It proposed government systems

What did Plato think about commerce?

• It is necessary for progress

• It leads to corruption

• It improves equality

• It is a divine right