ECON 350 Quiz 1

  1. Leonard Read used the production of ______ to explain the work of the invisible hand in the market.
  2. The primary objective of the early classical economists, such as Adam Smith, was to help improve living standards for
  3. Which of the following should be the role of a government in the economy according to classical economics?
  4. Classical economists attacked slavery by arguing that the key economic weakness of slavery is
  5. Mercantilists support
  6. From the perspective of Mercantilism, the promotion of imperialism and slavery were natural corollaries pursued by:
  7. The market rewards wise decisions and productive behaviors, and penalizes poor and unproductive behavior, in order to:
  8. The early classical economists
  9. Early advocates of the classical economics thought viewed the free market as an extension of:
  10. Adam Smith preferred wars to be financed by:
  11. According to mercantilist doctrine, wealth is measured in:
  12. One way to reduce the influence of established groups, to promote self-serving policies through government, is to:
  13. The principles and policies that flow from God-given rights must be those that provide the greatest material well-being for
  14. In the sense of establishing an authoritative tradition, who can be said to have founded classical economics?
  15. Classical economists
  16. Free exchange of goods and services
  17. When deciding what to produce, how to produce and for whom to produce, a free market is more preferable than a central-controlled government because:
  18. The laissez-faire doctrine of the classical economists was based on the
    _____________ within a suitable institutional framework would lead to the best allocation of resources.
  19. Prior to the industrial revolution, in the feudal system, many decisions about production and distribution were made by
  20. The laws which kept wheat prices artificially high by imposing steep import duties to benefit the landed interests are called
  21. Which of the following is not a major proposition of classical economics?
  22. The 17th century English philosopher John Locke traced the rights of liberty and freedom to their
  23. Our choice of purchasing a product depends on
  24. From the list below, choose one or more of the following answers that form the basis for classical economic principles.
  25. Adam Smith believed the keys to prosperity were to be found in the decisions of
  26. Who was regarded by Adam Smith as; “love to reap where they never sowed”, during his time?
  27. The ‘true freedom’ means that:
  28. The invisible hand of a market system coordinates the production and distribution process
  29. The “hand” that leads the individual self-seeker “to promote an end whtich was not part of his intention” is called
  30. Adam Smith, and later classical economists conceive wealth, as:
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  1. ECON 350 Quiz 1
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