#1
Which economic philosophy advocates for minimal government intervention in the economy?
Keynesianism
Capitalism
Socialism
Communism
#2
Who is known for the theory of 'Invisible Hand' in economics?
John Maynard Keynes
Karl Marx
Adam Smith
Friedrich Hayek
#3
Who is regarded as the father of modern economics?
John Maynard Keynes
Adam Smith
Friedrich Hayek
Karl Marx
#4
Which economic theory advocates for the abolition of private property and the establishment of a classless society?
Keynesianism
Capitalism
Socialism
Communism
#5
Which economic theory argues that government intervention is necessary to stabilize the economy during economic downturns?
Classical economics
Keynesian economics
Monetarism
Austrian economics
#6
What is the central idea behind Utilitarianism in economics?
Maximizing individual profits
Maximizing happiness and welfare
Eliminating private property
Achieving equal distribution of wealth
#7
Who proposed the concept of 'Creative Destruction' in economics?
Karl Marx
Joseph Schumpeter
John Stuart Mill
Milton Friedman
#8
According to the Protestant work ethic, what is the significance of hard work?
It leads to spiritual enlightenment
It guarantees success in the afterlife
It is a means of accumulating wealth
It is a form of societal contribution
#9
What is the main focus of the Austrian School of Economics?
Government intervention in the economy
Monetary policy
Individual human action
Collective ownership of means of production
#10
Which economic philosophy emphasizes the role of collective ownership of the means of production?
Capitalism
Socialism
Communism
Laissez-faire
#11
Which economic philosophy emphasizes the role of government in ensuring fair distribution of wealth?
Capitalism
Socialism
Communism
Laissez-faire
#12
According to Confucian work ethic, what is the importance of diligence and discipline in work?
To achieve economic success
To maintain social order
To attain spiritual fulfillment
To honor one's ancestors
#13
What is the primary goal of distributive justice in economics?
Maximizing efficiency
Ensuring equal opportunity
Achieving equitable distribution of resources
Promoting economic growth
#14
What is the primary focus of neoliberalism in economics?
Government regulation
Free market principles
Collective ownership
Social welfare programs
#15
What is the central idea of the 'Tragedy of the Commons' in economics?
The overuse and depletion of shared resources
The failure of market mechanisms
The inefficiency of government intervention
The exploitation of labor by capitalists