Economic and Social Developments in the Modern World Quiz

Test your knowledge on economic history with questions about 'Miracle on the Han River', the 'Father of Economics', and more.

#1

Which of the following countries experienced the 'Miracle on the Han River'?

Japan
China
South Korea
Singapore
#2

Which country is considered the birthplace of the Industrial Revolution?

France
Germany
United Kingdom
United States
#3

Which economic concept refers to the total value of goods and services produced in a country over a specific period?

Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Inflation Rate
Unemployment Rate
#4

Which economic theory suggests that government spending should be increased during economic downturns?

Classical economics
Supply-side economics
Monetarism
Keynesian economics
#5

What is the term for the total value of goods and services produced by a country in a given year, divided by the population?

Gross Domestic Product (GDP)
Gross National Product (GNP)
Per Capita Income
Human Development Index (HDI)
#6

Who is often referred to as the 'Father of Economics'?

Adam Smith
John Maynard Keynes
Karl Marx
Milton Friedman
#7

What economic theory proposes that government intervention in the economy should be minimal?

Keynesian economics
Monetarism
Laissez-faire economics
Marxism
#8

Which of the following organizations is responsible for overseeing international trade rules and negotiations?

World Bank
International Monetary Fund (IMF)
World Trade Organization (WTO)
United Nations (UN)
#9

Which of the following is NOT a characteristic of a command economy?

Centralized planning
Private ownership of production
Government control of resources
Limited consumer choice
#10

Who wrote the influential book 'The Wealth of Nations'?

John Maynard Keynes
Adam Smith
Karl Marx
Milton Friedman
#11

Who developed the concept of 'Creative Destruction'?

Adam Smith
Karl Marx
Joseph Schumpeter
John Maynard Keynes
#12

Which of the following is a measure of income inequality within a population?

Gini coefficient
Human Development Index (HDI)
Consumer Price Index (CPI)
Fiscal Policy
#13

Which economic indicator measures the percentage change in the price level of a basket of goods and services?

Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Unemployment Rate
Inflation Rate
#14

Who developed the theory of 'rational expectations' in economics?

Friedrich Hayek
John Maynard Keynes
Milton Friedman
Herbert Simon
#15

Who is known for proposing the theory of 'rational expectations' in economics?

Milton Friedman
John Maynard Keynes
Friedrich Hayek
Paul Samuelson

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