Economic History and Monetary Systems Quiz
Explore economic history, theory, and policy with this quiz on monetary economics. Discover who coined GDP, the father of economics, and more.
#1
Which country was the first to adopt paper currency?
#2
Who is known as the 'Father of Economics'?
Adam Smith
John Maynard Keynes
Karl Marx
Milton Friedman
#3
Who wrote the book 'The Wealth of Nations'?
Adam Smith
Karl Marx
John Maynard Keynes
Friedrich Hayek
#4
Who introduced the concept of 'invisible hand' in economics?
Adam Smith
Karl Marx
John Maynard Keynes
Milton Friedman
#5
Which economic theory emphasizes the importance of government intervention in the economy?
Classical economics
Keynesian economics
Monetarism
Austrian economics
#6
What is the Gold Standard?
A monetary system where the value of a country's currency is directly linked to gold
A system where countries only trade in gold
A system where gold is not used as a standard for currency
A system where gold is used as the only currency
#7
What was the primary purpose of the Bretton Woods Conference?
To establish a fixed exchange rate system
To create the World Bank and International Monetary Fund (IMF)
To regulate international trade
To abolish gold standard
#8
Who coined the term 'Gross Domestic Product (GDP)'?
John Maynard Keynes
Adam Smith
Simon Kuznets
Karl Marx
#9
What is hyperinflation?
A period of very low inflation
A sudden decrease in the money supply
An extremely high and typically accelerating inflation
A type of deflation
#10
What is the Phillips Curve?
A graphical representation showing the relationship between inflation and unemployment
A theory explaining international trade patterns
A model for predicting stock market fluctuations
A concept in game theory
#11
Who developed the theory of comparative advantage?
Adam Smith
David Ricardo
John Maynard Keynes
Milton Friedman
#12
Which country had the highest hyperinflation in history?
Germany
Zimbabwe
Venezuela
Hungary
#13
Who is considered the founder of modern macroeconomics?
Milton Friedman
John Maynard Keynes
Friedrich Hayek
Paul Samuelson
#14
What is seigniorage?
The difference between the value of money and the cost to produce it
The interest rate set by the central bank
The process of printing new currency
A type of tax imposed on imported goods
#15
What is the Triffin dilemma?
A theory about the relationship between exchange rates and trade imbalances
A concept related to the optimal level of government intervention in the economy
A hypothesis regarding the sustainability of a global reserve currency
A principle in international trade negotiations
#16
Which country was the last major economy to abandon the gold standard?
United States
United Kingdom
France
Switzerland
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