#1
Which ideology advocates for the abolition of private property and classless society?
Communism
ExplanationCommunism advocates for a classless society where private property is abolished.
#2
Who wrote the famous book 'The Wealth of Nations,' which laid the foundation of modern economics?
Adam Smith
ExplanationAdam Smith authored 'The Wealth of Nations,' which laid the foundation of modern economics.
#3
Which economic system is characterized by government ownership of major industries and centralized planning?
Communism
ExplanationCommunism is characterized by government ownership of major industries and centralized planning.
#4
Which 20th-century event is often considered a key turning point in the rise of globalization?
End of the Cold War
ExplanationThe End of the Cold War is often considered a key turning point in the rise of globalization.
#5
Which economic theory advocates for minimal government intervention in the economy and emphasizes free markets and individual liberty?
Neoliberalism
ExplanationNeoliberalism advocates for minimal government intervention, emphasizing free markets and individual liberty.
#6
Who was the leader of the Soviet Union during the period of perestroika and glasnost?
Mikhail Gorbachev
ExplanationMikhail Gorbachev was the leader of the Soviet Union during the period of perestroika and glasnost.
#7
Which country experienced the 'Miracle on the Han River,' transforming from a war-torn nation into an economic powerhouse in the latter half of the 20th century?
South Korea
ExplanationSouth Korea transformed from a war-torn nation into an economic powerhouse, known as the 'Miracle on the Han River.'
#8
Who authored the influential work 'Das Kapital,' which laid out the foundations of Marxist economic theory?
Karl Marx
ExplanationKarl Marx authored 'Das Kapital,' laying out the foundations of Marxist economic theory.
#9
Who coined the term 'Third World' to describe countries that were not aligned with either NATO or the Communist Bloc during the Cold War?
Alfred Sauvy
ExplanationAlfred Sauvy coined the term 'Third World' to describe countries not aligned with NATO or the Communist Bloc.
#10
Who introduced the concept of 'creative destruction' to explain the process of economic innovation and transformation?
Joseph Schumpeter
ExplanationJoseph Schumpeter introduced the concept of 'creative destruction' to explain economic innovation and transformation.
#11
Which 20th-century event marked the beginning of widespread decolonization across Africa and Asia?
Bandung Conference
ExplanationThe Bandung Conference marked the beginning of widespread decolonization across Africa and Asia.
#12
Who developed the theory of comparative advantage, which argues that countries should specialize in producing goods they can produce most efficiently relative to other countries?
David Ricardo
ExplanationDavid Ricardo developed the theory of comparative advantage, arguing that countries should specialize in producing goods they can produce most efficiently.
#13
What was the name of the economic plan implemented by the Soviet Union in the 1920s to transition from a primarily agrarian economy to industrialization?
Five-Year Plans
ExplanationThe Soviet Union implemented Five-Year Plans in the 1920s to transition to industrialization from a primarily agrarian economy.
#14
Who introduced the concept of 'the tragedy of the commons' to describe the depletion of shared resources due to individual self-interest?
Garrett Hardin
ExplanationGarrett Hardin introduced the concept of 'the tragedy of the commons' to describe the depletion of shared resources.