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Importance of Business Economics
Importance of Business Economics MCQs
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Who would be the most likely to say the next argument? "It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our...
François Quesnay
Jean-Baptiste Say
Adam Smith
David Ricardo
?
Who would be the most likely to say the next argument? "The history of all hitherto existing society is the history of class struggles. Freeman and...
Karl Marx
Joseph Schumpeter
Clément Juglar
John Maynard Keynes
?
According to Karl Marx, the bourgeoisie, or the capitalist class is :
the class that owns the means of production
the majority of the population
the class that sells their labor power for a wage.
the class that practices more productive and more labor intensive activites.
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According to Thorstein Veblen, leisure class, or the capitalist class is :
the class that practices more labor intensive and more productive work.
the class spends less money on goods than they are worth.
the class that avoids conspicuous consumption.
the class that emerged as a result of capital accumulation during the Industrial Revolution.
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Which of the following will describe the Marxist view on the value of labor?
Capitalist class is exploited under capitalism, and dissociates price and value.
Marx is the only economist who explained the value of labor.
Economic value of a good or service is determined by the total amount of labor hours required to produce it.
The value of a commodity is constant regardless of the labor input
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Which of the following will NOT explain Joseph Schumpeter?
Innovation is the critical dimension of economic change.
Schumpeter argued that the innovation and technological change of a nation come from the entrepreneurs, or wild spirits.
He believed that Capitalism is sustainable.
According to him, long economic cycles are caused by innovation.
?
Which of the following will NOT describe Bullionism?
An economic theory during the 16th century that defines wealth by the amount of precious metals owned.
Technology progress is a main factor to support this.
Early or primitive form of mercantilism.
It views gold and silver as the source of wealth
?
Which of the following will be LESS related to the industrial revolution?
Emergence of private ownership of the land, through the enclosure movement
Transition to new manufacturing processes from hand production methods to machines caused a big opposition by the artisan group, as in the Luddite movement.
The principle of laissez-faire
International trade is the key source to the wealth accumulation.
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Which of the following will NOT describe Fordism?
Characterized by industrialized, standardized mass production and mass consumption.
Specialization and market segmentation
Related to the "assembly line"
Related to Frederick Taylor's "scientific management"
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Which of the following pair will represent relevance?
Mercantilism - Jean-Babtiste Colbert
Physiocratie - François Quesnay
Industrial Capitalism - Karl Marx
ALL
?
Which of the following will NOT be correct?
Globalization of capitalism was reinforced by the international agreement on free trade.
Bretton Woods system adopted a new financial system of fixed exchange rates based on the value of the US dollar.
Neoliberalism requires a strong regulation and support by the government for the market order and efficiency.
The main goal of WTO is to ensure that trade flows as smoothly, predictably and freely as possible.
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Which of the following will be true about GDP and GNI?
GNI is the total market value of all finished goods and services produced within a country in a set time period.
GDP is the total income received by the country from its residents and businesses regardless of whether they are located in the country or abroad.
GNI can be calculated in three ways, using expenditures, production, or incomes.
GDP can be adjusted for inflation and population to provide deeper insights.
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A fabric maker sells the fabric to a tailor for €10. The tailor uses the fabric to make clothes, which is sold for € 30. What is the total...
$10
$20
$30
$40
?
An American buys a pair of shoes made in Italy. How do the U.S. national income accounts treat the transaction?
Net exports and GDP both rise.
Net exports and GDP both fall.
Net exports fall, while GDP is unchanged.
Net exports are unchanged, while GDP rises.
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A French works in the UK. How do the France national income accounts treat this transaction?
GNI will rise.
GNI will fall.
GDP will rise.
GDP will fall.
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Economic growth is defined as
decreases in potential GDP
increases in potential GDP
decrease in aggregate demand
increase in aggregate demand
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Economic growth can be explained as following. EXCEPT for:
An indicator of healthy economies
Driving force in the dynamics and equilibrium of capitalism
Increase in potential GDP
Incessant growing status, without the disruptions.
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In the short run, an increase in government expenditure on goods and services ________ real GDP and ________ the price level.
increases; increases
increases; decreases
decreases; increases
decreases; decreases
?
The idea that economic downturns result from an inadequate aggregate demand for goods and services is derived from the work of which economist?
Adam Smith
David Ricardo
Joseph Schumpeter
John Maynard Keynes
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An increase in the aggregate demand for goods and services has a larger impact on output _______ and a larger impact on the price level ________.
in the short run, in the long run
in the long run, in the short run
in the short run, also in the short run
in the long run, also in the long run
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Which of the following will NOT be true regarding the economic cycle?
Economy-wide fluctuations in output, incomes, and employment.
The main cause of economic cycle is a failure of control over the market.
The period from recession (or depression) to boom is referred to as "Expansion".
Economic cycle due to the change in inventory is relatively short, taking 3-5 years.
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When the economy goes into a recession, real GDP ________ and unemployment ________.
rises, rises
rises, falls
falls, rises
falls, falls
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If the government wants to contract (begrænse)aggregate demand, it can ________ government purchases or ________ taxes.
increase, increase
increase, decrease
decrease, increase
decrease, decrease
?
Which of the following will NOT be related to the Effective Demand?
Multiplier Effect
New Deal program
John Maynard Keyens
Supply creates the demand
