Economic History and Global Development Quiz

The Great Depression began with the stock market crash of 1929.

Adam Smith is regarded as the father of modern economics.

The Treaty of Rome created the European Economic Community (EEC) in 1957.

Joseph Schumpeter is known for developing the theory of 'Creative Destruction.'

Harry Dexter White is considered the founder of the World Bank.

Thailand experienced the 'Asian Financial Crisis' in 1997.

South Korea experienced the 'Miracle on the Han River.'

The 'Theory of Comparative Advantage' was proposed by David Ricardo.

The United States experienced 'stagflation' in the 1970s.

Simon Kuznets introduced the concept of 'Gross Domestic Product (GDP).'

Adam Smith authored the book 'The Wealth of Nations.'

Keynesian economics emphasizes the importance of aggregate demand in driving economic growth.

The economic concept associated with 'There's no such thing as a free lunch' is opportunity cost.

The 'Washington Consensus' refers to a set of economic policy prescriptions.

The 'Triffin Dilemma' is related to monetary policy.

Austrian economics argues for minimal government intervention in the economy and emphasizes individual freedom and free markets.

Opportunity cost refers to the situation where the production of one good requires the sacrifice of another.