Which School Of Economic Thought Do You Belong To?
Dive into the diverse world of economic ideologies with our "Which School of Economic Thought Do You Belong To?" quiz. Economics isn't just about numbers; it's a realm of contrasting theories and philosophies that influence how we perceive and shape our economies. This quiz takes you on an intellectual journey, guiding you through thought-provoking questions to discover your economic beliefs. Are you inclined towards government intervention like Keynesian economics, or do you resonate with the pragmatism of Institutionalism? Perhaps you align with the revolutionary ideals of Marxism, or maybe you embrace the free-market principles of the Austrian School. Uncover which Read moreschool of economic thought closely aligns with your values and perspectives. Whether you're an economics enthusiast or simply curious, this quiz will reveal where your economic heart truly lies.
- 1.
What will be your policy recommendation among the following?
- A.
Free market
- B.
Free market or interventionism, depending on government failure or market failure
- C.
Temporary government intervention and protection
- D.
Active fiscal policy, income redistribution towards the poor
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- 2.
The world is
- A.
Certain with calculable risk.
- B.
Certain ("laws of motion").
- C.
Complex and uncertain.
- D.
Uncertain.
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- 3.
The economy is made up of
- A.
Classes.
- B.
Individuals.
- C.
Individuals and Institutions.
- D.
Individuals, Institutions, and Organizations.
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- 4.
The most important domain of the economy is
- A.
Production.
- B.
Exchange and Consumption.
- C.
Ambiguous, with a minority paying attention to production.
- D.
No particular view.
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- 5.
Economies change through
- A.
Capital accumulation (investment).
- B.
Individual Choices.
- C.
Ambiguous, depends on the economist.
- D.
Interactions between individuals and Institutions.
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- 6.
Individuals are
- A.
Selfish and Rational (but rationality is defined in class terms).
- B.
Selfish and Rational.
- C.
Not very rational (driven by habits and animal spirits); ambiguous on selfishness.
- D.
Layered (instinct-habit-belief-reason).
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- 7.
How do you believe economic recessions should be addressed?
- A.
Through government intervention and stimulus programs
- B.
By promoting strong labor unions and worker protections
- C.
By overthrowing the capitalist system
- D.
By allowing market forces to naturally correct themselves
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- 8.
What's your stance on income inequality?
- A.
It should be reduced through progressive taxation.
- B.
It can be mitigated by implementing fair labor practices.
- C.
It's a symptom of a flawed capitalist system..
- D.
It's a result of natural differences in abilities and effort.
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- 9.
How should the government regulate the financial sector?
- A.
Heavily, to prevent financial crises
- B.
With a focus on transparency and consumer protection
- C.
It should be abolished in favor of a planned economy.
- D.
Minimal government intervention, if any
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- 10.
What's your opinion on government involvement in job creation?
- A.
Government should actively create jobs during economic downturns.
- B.
Government should incentivize private sector job creation.
- C.
Jobs should be collectively owned and managed.
- D.
The market should naturally create jobs without government interference.
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Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Nov 16, 2023Quiz Edited by
ProProfs Editorial Team -
Oct 25, 2015Quiz Created by
Pmjenkins0505
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