#1
Which explorer is credited with discovering the sea route from Europe to India?
Vasco da Gama
ExplanationVasco da Gama discovered the sea route from Europe to India, opening up a direct trade route.
#2
Which economic system is characterized by private ownership of the means of production and market-based allocation of resources?
Capitalism
ExplanationCapitalism features private ownership of production means and market-driven resource allocation.
#3
Who wrote 'The Wealth of Nations,' a seminal work in the field of economics?
Adam Smith
ExplanationAdam Smith authored 'The Wealth of Nations,' a foundational work in economics.
#4
Which ancient civilization is credited with the invention of writing, leading to the first written records of economic transactions?
Mesopotamia
ExplanationMesopotamia, an ancient civilization, is credited with inventing writing and recording early economic transactions.
#5
Which European power controlled much of the trade with Asia during the Age of Exploration?
Portugal
ExplanationPortugal dominated trade with Asia during the Age of Exploration.
#6
The Treaty of Nanking, signed in 1842, ended which conflict?
Opium Wars
ExplanationThe Treaty of Nanking, signed in 1842, concluded the Opium Wars.
#7
Which ancient civilization developed the concept of coinage as a form of currency?
Ancient Mesopotamia
ExplanationAncient Mesopotamia developed the concept of coinage as an early form of currency.
#8
The Silk Road facilitated trade between which regions?
Europe and Asia
ExplanationThe Silk Road connected Europe and Asia, fostering trade and cultural exchange.
#9
Which empire controlled much of Southeast Asia and traded extensively with China during the 14th century?
Majapahit Empire
ExplanationThe Majapahit Empire dominated Southeast Asia and engaged in extensive trade with China in the 14th century.
#10
The Columbian Exchange primarily involved the exchange of goods between which two regions?
Europe and the Americas
ExplanationThe Columbian Exchange centered on the exchange of goods between Europe and the Americas, shaping global trade.
#11
The Opium Wars of the 19th century were fought primarily between which two countries?
China and Britain
ExplanationThe Opium Wars primarily involved conflicts between China and Britain in the 19th century.
#12
Which trading company controlled much of the trade between Europe and Asia during the 17th and 18th centuries?
British East India Company
ExplanationThe British East India Company dominated trade between Europe and Asia in the 17th and 18th centuries.
#13
Which European country was the first to establish direct trade routes with India and Asia?
Portugal
ExplanationPortugal was the first European country to establish direct trade routes with India and Asia.
#14
Which European power controlled much of Africa through the use of colonies and protectorates during the late 19th and early 20th centuries?
France
ExplanationFrance controlled much of Africa through colonies and protectorates in the late 19th and early 20th centuries.
#15
Which treaty formally ended World War I and imposed heavy penalties on Germany?
Treaty of Versailles
ExplanationThe Treaty of Versailles formally concluded World War I and imposed significant penalties on Germany.
#16
Who proposed the theory of comparative advantage, which explains how countries benefit from trade by specializing in the production of goods in which they have a lower opportunity cost?
David Ricardo
ExplanationDavid Ricardo proposed the theory of comparative advantage, elucidating the benefits of trade specialization.
#17
The Gold Standard was a monetary system where the value of a country's currency was directly linked to what?
The price of gold
ExplanationThe Gold Standard linked a country's currency value directly to the price of gold in the monetary system.
#18
Which trade network connected China with the Mediterranean world and facilitated cultural exchange during ancient times?
Silk Road
ExplanationThe Silk Road connected China with the Mediterranean world, fostering cultural exchange and trade during ancient times.
#19
Which economic theory, developed by John Maynard Keynes, advocates for government intervention in the economy to manage aggregate demand?
Keynesian economics
ExplanationKeynesian economics, developed by John Maynard Keynes, advocates for government intervention to manage aggregate demand in the economy.