History Of Economics Quiz: Trivia!
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What do you understand about the history of economics? This quiz will determine how much you know about this topic. The history of economics involves different thinkers that have theories about certain economic matters. It encompasses many schools of economic thought. The activities of those in a society have a significant influence on financial health. Try taking this quiz and see how much you know.
- 1.
The word economics comes from what Greek word?
- A.
Oikosnomos
- B.
Oisokonoms
- C.
Oikonomos
- D.
Oidonomos
- E.
Oikosnomod
Correct Answer
C. OikonomosExplanation
The correct answer is "Oikonomos." The word "economics" is derived from the Greek word "oikonomos," which means "household management" or "management of resources." This term was used by the ancient Greeks to refer to the management of household finances and resources. Over time, the meaning of economics expanded to include the study of the production, distribution, and consumption of goods and services at a larger scale.Rate this question:
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- 2.
On the emergence of ideas about economics, Xenophon's instructional treatise was called?
- A.
Oconomocius
- B.
Economicus
- C.
Oeconomicus
- D.
Conomicus
- E.
Economics
Correct Answer
C. OeconomicusExplanation
Xenophon's instructional treatise on economics was called "Oeconomicus." This term refers to the study of household management and the management of resources. Xenophon's treatise focused on topics such as agriculture, property management, and the role of women in the household. The term "Oeconomicus" is derived from the Greek word "oikonomikos," which means "pertaining to household management." This treatise by Xenophon is one of the earliest known works on economics and provides valuable insights into the economic practices of ancient Greece.Rate this question:
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- 3.
Xenophon's instructional treatise: Described the ____________ where the products were neither ______ nor traded on _________ exchange or _________ for it's own sake.
Correct Answer
premarket. uniform. organized. analyzedExplanation
Xenophon's instructional treatise described the concept of a premarket, where the products were neither uniform nor traded on an organized exchange or analyzed for its own sake.Rate this question:
- 4.
What book did Plato right?
- A.
Democratic
- B.
The Essay of Marginal Returns
- C.
TABLEU ECONOMIQUE
- D.
Republic
- E.
TOPICS AND RHETORICS
Correct Answer
D. RepublicExplanation
Plato wrote the book "Republic".Rate this question:
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- 5.
What did Plato talk about in Economics?
- A.
Division of Labor
- B.
Work
- C.
Food
- D.
Growing Population
- E.
Lands
Correct Answer
A. Division of LaborExplanation
Plato discussed the concept of division of labor in economics. He explored how different individuals could specialize in specific tasks to increase productivity and efficiency within a society. This division would allow people to focus on their strengths and skills, leading to overall economic growth and development. By emphasizing the importance of specialization, Plato recognized the benefits of a structured and organized economic system that maximizes the potential of each individual.Rate this question:
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- 6.
Who wrote the book, TOPICS AND RHETORICS?
- A.
Plato
- B.
Xenophon
- C.
Aristotle
- D.
Francios Quesnay
- E.
Karl Marx
Correct Answer
C. AristotleExplanation
Aristotle wrote the book "Topics and Rhetorics."Rate this question:
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- 7.
What led to the Physiocrats?
- A.
Mercantalists
- B.
Classicists
- C.
Keynsians
- D.
Physiocrats
Correct Answer
A. MercantalistsExplanation
The correct answer is Mercantilists. The Physiocrats emerged as a response to the mercantilist economic policies that were prevalent during the 18th century. The mercantilists believed in the accumulation of wealth through trade and the importance of a strong state to regulate and control economic activities. The Physiocrats, on the other hand, rejected mercantilist ideas and advocated for free trade, emphasizing the role of agriculture as the primary source of wealth in a nation. They believed in the natural order of economic activities and the importance of allowing markets to operate freely without government interference.Rate this question:
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- 8.
Who is the Father of Modern Economics?
- A.
Karl Marx
- B.
Francois Quesnay
- C.
David Ricardo
- D.
Thomas Robert Malthus
- E.
Adam Smith
Correct Answer
E. Adam SmithExplanation
Adam Smith is considered the Father of Modern Economics because of his groundbreaking work in the field. His book, "The Wealth of Nations," published in 1776, laid the foundation for modern economic theory. Smith introduced the concept of the invisible hand, which suggests that individuals pursuing their own self-interest can benefit society as a whole. He also emphasized the importance of free markets, division of labor, and specialization in driving economic growth and prosperity. Smith's ideas had a profound impact on the development of economics and continue to be influential to this day.Rate this question:
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Current Version
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Mar 22, 2023Quiz Edited by
ProProfs Editorial Team -
Jun 27, 2009Quiz Created by
Danbaldy
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