Economic History and Monetary Systems Quiz

China was the first country to adopt paper currency.

Adam Smith is known as the 'Father of Economics'.

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

Adam Smith introduced the concept of 'invisible hand' in economics.

Keynesian economics emphasizes the importance of government intervention in the economy.

The Gold Standard is a monetary system directly linking a country's currency value to gold.

The primary purpose of the Bretton Woods Conference was to create the World Bank and IMF.

Simon Kuznets coined the term 'Gross Domestic Product (GDP)'.

Hyperinflation is an extremely high and typically accelerating inflation.

The Phillips Curve is a graphical representation showing the relationship between inflation and unemployment.

David Ricardo developed the theory of comparative advantage.

Zimbabwe had the highest hyperinflation in history.

John Maynard Keynes is considered the founder of modern macroeconomics.

Seigniorage is the difference between the value of money and the cost to produce it.

The Triffin dilemma is a hypothesis regarding the sustainability of a global reserve currency.

The United States was the last major economy to abandon the gold standard.