#1
Who is considered the father of American economics?
Alexander Hamilton
ExplanationHamilton laid the groundwork for economic policies, including a national bank and public credit system.
#2
Which economic theory dominated the early 19th-century American economic thought?
Classical economics
ExplanationThis theory emphasized free markets and the invisible hand of supply and demand.
#3
Who published 'The Theory of the Leisure Class' in 1899, which discussed conspicuous consumption?
Thorstein Veblen
ExplanationVeblen critiqued the wealthy for their extravagant spending habits and introduced the concept of conspicuous consumption.
#4
Which American president is known for implementing the 'American System' to promote economic development?
John Quincy Adams
ExplanationAdams advocated for internal improvements, protective tariffs, and a national bank.
#5
Which economic concept, advocated by Henry George, proposes that the value of land should be taxed?
Land value tax
ExplanationGeorge argued that taxing land could alleviate poverty and inequality.
#6
Who authored the book 'Progress and Poverty,' which argued that poverty could be alleviated by taxing land?
Henry George
ExplanationGeorge proposed taxing land as a solution to poverty and economic inequality.
#7
Which movement, led by William Lloyd Garrison, sought the immediate abolition of slavery without compensation to slaveholders?
Abolitionist movement
ExplanationThis movement advocated for the complete and immediate end of slavery.
#8
Who coined the term 'social Darwinism' to describe the application of Darwinian principles to society and economics?
Herbert Spencer
ExplanationSpencer applied Darwin's theory of natural selection to human society, justifying social inequality.
#9
Which economic philosophy, associated with Thomas Jefferson and characterized by minimal government intervention in the economy, prioritizes agrarianism and states' rights?
Agrarianism
ExplanationAgrarianism favors rural agricultural communities and limited government involvement.
#10
Who was a leading advocate for the abolition of slavery and promoted economic self-reliance among African Americans through his newspaper 'The North Star'?
Frederick Douglass
ExplanationDouglass fought against slavery and promoted economic empowerment for African Americans.
#11
Who is known for his advocacy of individualism, free markets, and limited government, influencing American economic thought in the 19th century?
Henry David Thoreau
ExplanationThoreau's writings emphasized individual freedom and criticized government intervention.
#12
Which economic theory, advocated by Alexander Hamilton, emphasizes government intervention in the economy to promote industrialization and economic growth?
Mercantilism
ExplanationMercantilism prioritizes exports, accumulation of wealth, and state regulation of trade.
#13
Which 19th-century American economist introduced the concept of 'economies of scale' and advocated for protective tariffs to shield domestic industries from foreign competition?
Henry Clay
ExplanationClay supported policies to protect American industry and promote economic growth.
#14
Who published 'The Wealth of Nations' in 1776, which laid the foundation for classical economics?
Adam Smith
ExplanationSmith's work emphasized the benefits of free markets and specialization.
#15
Who advocated for the 'social gospel,' which applied Christian ethics to social problems, including poverty and inequality?
Washington Gladden
ExplanationGladden sought to address social issues through Christian principles and community action.
#16
Who wrote the influential essay 'Civil Disobedience,' which argued for nonviolent resistance to unjust government actions?
Henry David Thoreau
ExplanationThoreau promoted civil disobedience as a means to protest unjust laws and policies.