A voluntary exchange must be just. Which type of economic justice this statement is describing? Select one: a. Rectificatory justice b. Reciprocal justice c. Distributive justice d. Retributive justice

A voluntary exchange must be just. Which type of economic justice this statement is describing?
Select one:
a. Rectificatory justice
b. Reciprocal justice
c. Distributive justice
d. Retributive justice

According to Ricardo, which was not the factor that determines the Value in Exchange of a commodity?
Select one:
a. Its scarcity.
b. Labor time.
c. Utility.

Adam Smith emphasized the division of labor increases output because of
Select one:
a. Invention of new machinery.
b. Increase labor skill.
c. Time consuming.
d. Increase efficiency.

Charles Fourier was one of the major figures of Socialism. Which type of socialism that he adopted?
Select one:
a. Christian Socialism
b. Utopian Socialism
c. Communism
d. State Socialism

 If 2 hours required to catch a beaver and only 1 hour to catch a deer, the relative price or value in exchange for a beaver is 2 deer or 2 hours of labor command. This example was given by
Select one:
a. Thomas Robert Malthus.
b. Adam Smith.
c. David Hume.
d. David Ricardo.

[1/5, 1:58 PM] Krule: In explaining the price specie-flow mechanism, Hume emphasized that imbalance of trade (England’s shortage of export) tends to correct itself because

Select one:
a. exchange rate between nations’ currencies are free to fluctuate.
b. England needs less foreign currency to pay for imports.
c. decline of the value of its currency.
d. British exports are cheaper.

Mercantilists tried to promote export and restrict import to increase the country’s…
Select one:
a. Sales
b. economic development
c. Wealth
d. Productivity

One of the forerunners of the classical school is
Select one:
a. Dudley Thomson
b. David Hume
c. Adam Smith
d. David Ricardo

The concept of the division of labor was first introduced by
Select one:
a. Xenophon
b. Hesiod
c. Aristotle
d. Homer

Smith’s idea of invisible hand is based on the concept of
Select one:
a. Extensive government intervention
b. Capital accumulation
c. Labor intention
d. Competition

The following statements about Malthus’s ideas were true except
Select one:
a.
The status quo favored Malthus’s ideas
b. Malthus opposed the idea of Godwin to abolish war because it would cause over population.
c. Malthus agreed that growth of food would exceed the growth in population.
d. In Malthus’ opinion, social problems were caused by overpopulation.

What was the one the factors that driven Socialism to exist?
Select one:
a. Agriculture sectors were neglected.
b. The rise of injustice towards workers.
c. Increase in job opportunity.
d. Militarism.

What was one of the main factors that gave rise to mercantilism?
Select one:
a. The demand of people’s liberty intensified.
b. Say’s Law was glorified during that particular time.

c. The abundance of corruption in the central government.
d. The discovery of gold in the Western Hemisphere.

What was one of the factors that driven Physiocracy to establish?
Select one:
a. Dissatisfaction with Mercantilism.
b. Too many high wage labourers.
c. Industrial revolution.
d. The French Revolution.

Which of the following was not accepted as economic activity to acquire wealth according to Aristotle?
Select one:
a. Exchange of surplus products
b. Pursuing productive activity
c. Agriculture
d. Commerce and usury

Which Malthus did not favored?
Select one:
a. Moral restraint.
b. Retain Corn Laws.
c. Government aid.
d. War.

Which is correct to elaborate about Corn Laws?
Select one:
a. Minimum price on domestic grain.
b. Imposed tariffs on domestic grain.
c. Maximum price on imported grain.
d. Price floor on imported grain.

Which of the following was not the failure of free economics system?
Select one:
a. Economic depressions.
b. Negative externalities.
c. Competitive market.
d. Public good

Which one of the tenets of the Mercantilist School became lasting contribution?
Select one:
a. Water and Diamond Paradox.
b. Theory of Diminishing Return.
c. Say’s Law.
d. Nationalism.

Which of the following was not type of socialism?
Select one:
a. Christian socialism
b. Utopian socialism
c. Anarchism
d. Global socialism

Which one was correct about the water-diamond paradox introduced by Adam Smith?
Select one:
a. Adam Smith solved the water-diamond paradox.
b. Good with high Value in Use high also has high Value in Exchange.
c. Good’s Value in Exchange was not determined by the cost of production.
d. Good with high Value in Use has low Value in Exchange.

which one was not the check to population growth recommended by Malthus?
Select one:
a. Positive check.
b. Preventive check.
c. Poor law policy.
d. Moral restraint.