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MTEL History: Economic Theories Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. The belief that buyers and sellers should set their own prices and conditions for goods and services in the market without interference from the government it is known as _____.

Question 2 2. Which of the following is NOT true about Friedman?

Question 3 3. Friedman blamed inflation on _____.

Question 4 4. Friedman believed that most consumers are sensible, and that they will base their spending on what they believe to be their permanent income, rather than on temporary gains. This theory is known as _____?

Question 5 5. Friedman believed that a company's only social responsibility is to increase profits for the owners, as long as the company doesn't engage in deception or fraud. This theory is known as _____?

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Question 6 6. Who is referred to as the 'father of modern economics'?

Question 7 7. According to Malthus, unregulated population growth would lead to which of the following conclusions?

Question 8 8. Which of the following best applies the policies of Adam Smith to a modern economy?

Question 9 9. Which of the following individuals claimed to have been influenced by the population ideas of Thomas Malthus?

Question 10 10. Which of the following best applies the principles of David Ricardo to a modern economy?

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Question 11 11. According to Karl Marx, which of the following is not a Mode of Production?

Question 12 12. Which of the following did Karl Marx suggest was central to understanding history?

Question 13 13. Of the following four world leaders, who was least inspired by Marx?

Question 14 14. Who did Karl Marx want to rise up, unite, and revolt?

Question 15 15. Which Marxist term best describes the machines, land, and raw materials in an economic system?

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Question 16 16. Which of the following government actions would best be described as Keynesian?

Question 17 17. Which of the following economic issues did Keynes argue passionately?

Question 18 18. Which statement best describes Keynes' belief about the role of government?

Question 19 19. How has Keynesian economics been historically received?

Question 20 20. What profile best describes John Maynard Keynes?

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Question 21 21. Which of the following did Karl Marx believe?

Question 22 22. What is equilibrium?

Question 23 23. Which of the following is the definition of the trickle down effect?

Question 24 24. Which of the following best describes the concept of the invisible hand?

Question 25 25. Which of the following is the correct definition of proletariat?

MTEL History: Economic Theories Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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