#1
Who is known for implementing the 'New Deal' in the United States during the 1930s?
Franklin D. Roosevelt
ExplanationU.S. President who introduced major economic reforms to combat the effects of the Great Depression.
#2
Who is often regarded as the founder of modern capitalism due to his influential work 'The Wealth of Nations'?
Adam Smith
ExplanationScottish economist whose work laid the foundation for classical economics and the concept of free markets.
#3
Which socioeconomic theory suggests that government spending should be increased during economic downturns to stimulate demand?
Keynesian economics
ExplanationEconomic theory advocating for government intervention during recessions to stimulate demand and employment.
#4
Which socioeconomic policy is characterized by state ownership of the means of production and central planning of economic activities?
Socialism
ExplanationEconomic system where the state or society owns and controls the means of production.
#5
Which socioeconomic policy aimed to alleviate poverty and stimulate economic growth during the Great Depression?
Keynesian economics
ExplanationEconomic policy advocating for government intervention to manage demand and promote economic stability.
#6
Which country's socioeconomic policies were influenced by the ideas of 'Peronism' during the mid-20th century?
Argentina
ExplanationArgentina's economic policies influenced by Juan Perón's populist ideology.
#7
Who introduced the 'Great Leap Forward' as part of China's socioeconomic policies in the late 1950s?
Mao Zedong
ExplanationChinese leader who initiated radical economic and social reforms, leading to mass famine and economic turmoil.
#8
Which socioeconomic policy is associated with the idea of 'trickle-down economics'?
Supply-side economics
ExplanationEconomic theory advocating for tax cuts and deregulation to stimulate economic growth, with benefits 'trickling down' to all levels of society.
#9
Which country implemented the 'Shock Therapy' program in the 1990s to transition from a centrally planned to a market-based economy?
Russia
ExplanationRussia's rapid transition to a market economy involving liberalization, privatization, and stabilization measures.
#10
Which of the following socioeconomic policies advocates for a greater role of government in regulating and redistributing wealth to achieve social equality?
Socialism
ExplanationEconomic system where the means of production are owned and controlled by the state or society.
#11
Which socioeconomic theory suggests that individuals act in their own self-interest, leading to an optimal allocation of resources in society?
Neoclassical economics
ExplanationEconomic theory emphasizing rational behavior of individuals and markets in allocating resources efficiently.
#12
Who is often credited with the development of the 'Theory of Comparative Advantage,' which supports free trade among nations?
David Ricardo
ExplanationBritish economist known for his theory explaining the benefits of international trade based on comparative advantage.
#13
Which economist is associated with the concept of 'Creative Destruction,' suggesting that economic progress comes through the destruction of old industries and the creation of new ones?
Joseph Schumpeter
ExplanationAustrian economist known for his theory on innovation's disruptive effects on economic structures.
#14
Who proposed the 'Theory of the Leisure Class,' which explores how socioeconomic status influences consumption patterns and social behavior?
Thorstein Veblen
ExplanationAmerican economist critiquing conspicuous consumption and social stratification.