Societal and Economic Transformations Quiz

Test your knowledge on industrial revolution, economic theories, globalization, and more. Explore the impacts of macroeconomic policies.

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Which of the following is a characteristic of the Industrial Revolution?

Increased reliance on manual labor

Decrease in urbanization

Introduction of mechanized manufacturing processes

Expansion of agrarian economies

Who is considered the father of modern economics?

Adam Smith

Karl Marx

John Maynard Keynes

Milton Friedman

Which economic concept refers to the total value of goods and services produced within a country's borders in a specific time period?

Gross Domestic Product (GDP)

Consumer Price Index (CPI)

Inflation rate

Unemployment rate

Which economic theory argues that individuals act in their own self-interest, leading to an efficient allocation of resources?

Socialism

Communism

Capitalism

Mercantilism

Which economic system is characterized by private ownership of the means of production and the pursuit of profit?

Socialism

Capitalism

Communism

Feudalism

What is the primary focus of neoliberal economic policies?

Government intervention in the economy

Promotion of free market capitalism

State ownership of the means of production

Emphasis on central planning

Which economic theory argues that governments should increase spending during economic downturns?

Monetarism

Keynesian economics

Austrian economics

Supply-side economics

What is a primary factor contributing to income inequality in modern societies?

Equal distribution of wealth

Access to education

Technological advancements

Government welfare programs

In which phase of the business cycle do prices rise, unemployment falls, and income levels increase?

Recession

Expansion

Trough

Peak

#10

What is the term for the practice of one country imposing tariffs or other restrictions on imports to protect domestic industries?

Free trade

Globalization

Protectionism

Outsourcing

#11

What is a characteristic of a post-industrial society?

Reliance on manufacturing industries

Emphasis on service and information sectors

Limited technological advancement

Low levels of education