History quiz History – Economic History Quiz By isitok - September 6, 2024 0 73 FacebookTwitterPinterestWhatsApp Page 1 of 20 1. Who is considered the father of modern economics and is best known for his work "The Wealth of Nations" published in 1776? A) David Ricardo B) Karl Marx C) John Maynard Keynes D) Adam Smith Page 2 of 20 2. What economic event, starting in 1929, led to a worldwide economic depression and significant changes in economic policy and theory? A) The Great Recession B) The Dot-com Bubble C) The Great Depression D) The Financial Crisis of 2008 Page 3 of 20 3. What was the primary purpose of the Marshall Plan, implemented by the United States after World War II? A) To rebuild the Soviet Union’s economy B) To provide military aid to allies C) To rebuild the economies of Western European countries D) To establish NATO Page 4 of 20 4. What economic theory, developed by John Maynard Keynes, emphasizes government intervention to manage economic cycles and smooth out the effects of economic recessions? A) Classical Economics B) Monetarism C) Keynesian Economics D) Supply-Side Economics Page 5 of 20 5. What major economic change, occurring from the late 18th to early 19th centuries, transformed economies from agrarian-based to industrial and manufacturing-based systems? A) The Digital Revolution B) The Agricultural Revolution C) The Industrial Revolution D) The Green Revolution Page 6 of 20 6. What was the primary goal of the Bretton Woods Conference held in 1944? A) To establish a new global currency system and international financial institutions B) To negotiate trade agreements between European countries C) To create the United Nations D) To establish the European Union Page 7 of 20 7. Which economic policy, implemented in the 1980s, focused on reducing government intervention, deregulation, and tax cuts? A) New Deal B) Reaganomics C) The Great Society D) The New Frontier Page 8 of 20 8. What significant event in 1991 marked the end of the Soviet Union and led to the transition of former Soviet states to market economies? A) The Fall of the Berlin Wall B) The Dissolution of the Soviet Union C) The Cuban Missile Crisis D) The Soviet-Afghan War Page 9 of 20 9. What economic concept describes a period of prolonged economic expansion, followed by a slowdown and potential recession? A) The Business Cycle B) The Growth Cycle C) The Credit Cycle D) The Trade Cycle Page 10 of 20 10. Which historical figure is known for developing the theory of comparative advantage, which explains how and why countries engage in international trade? A) David Ricardo B) Adam Smith C) Thomas Malthus D) John Stuart Mill Page 11 of 20 11. What 1970s economic crisis, characterized by high inflation and high unemployment, challenged the prevailing economic theories of the time? A) The Oil Crisis B) The Asian Financial Crisis C) The Latin American Debt Crisis D) The Great Recession Page 12 of 20 12. What was the main focus of the "New Deal" policies implemented by President Franklin D. Roosevelt during the 1930s? A) To promote free trade B) To address the economic hardships of the Great Depression through government programs and reforms C) To expand the U.S. military presence overseas D) To deregulate financial markets Page 13 of 20 13. Which international organization, founded in 1947, aims to promote free trade and economic cooperation among countries? A) The World Trade Organization (WTO) B) The International Monetary Fund (IMF) C) The World Bank D) The United Nations Page 14 of 20 14. What economic system, characterized by state ownership and central planning of resources, was predominantly practiced in the Soviet Union and other communist states? A) Capitalism B) Socialism C) Feudalism D) Communism Page 15 of 20 15. What key economic policy, introduced by Margaret Thatcher in the UK during the 1980s, focused on reducing the power of trade unions and privatizing state-owned industries? A) The Welfare State B) Monetarism C) Thatcherism D) Keynesianism Page 16 of 20 16. Which 19th-century economist is known for his theory on the relationship between population growth and resources, known as Malthusian Theory? A) Karl Marx B) John Stuart Mill C) Thomas Malthus D) Jeremy Bentham Page 17 of 20 17. What economic phenomenon, characterized by rapid and unpredictable changes in market prices, was a significant feature of the 2008 financial crisis? A) Hyperinflation B) Stagflation C) Volatility D) Deflation Page 18 of 20 18. What economic policy focuses on increasing the supply of money and reducing interest rates to stimulate economic growth? A) Fiscal Policy B) Monetary Policy C) Trade Policy D) Industrial Policy Page 19 of 20 19. Which concept, popularized by the "Invisible Hand" metaphor, refers to the self-regulating nature of a free market economy? A) Market Efficiency B) Supply and Demand C) Rational Expectations D) Economic Equilibrium Page 20 of 20 20. What major trade agreement, signed in 1994, aimed to reduce trade barriers between the United States, Canada, and Mexico? A) The Trans-Pacific Partnership (TPP) B) The North American Free Trade Agreement (NAFTA) C) The General Agreement on Tariffs and Trade (GATT) D) The European Union Single Market Please provide your contact information to proceed.Email Address *First Name *Consent *Yes, I agree with the privacy policy and terms and conditions.Start QuizSkip and continue
