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Societal and Economic Transformations Quiz

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

Introduction of mechanized manufacturing processes

Explanation

Shift from hand production methods to machines

Who is considered the father of modern economics?

Adam Smith

Explanation

Authored 'The Wealth of Nations' and advocated for free markets

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)

Explanation

Indicator of a nation's economic performance

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

Capitalism

Explanation

Market-based system with private ownership of the means of production

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

Capitalism

Explanation

Economic system based on private property rights and free markets

What is the primary focus of neoliberal economic policies?

Promotion of free market capitalism

Explanation

Emphasis on deregulation, privatization, and free trade

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

Keynesian economics

Explanation

Advocates for government intervention through fiscal policy to stabilize economies

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

Technological advancements

Explanation

Increases the demand for skilled labor and widens the wage gap

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

Expansion

Explanation

Period of economic growth and prosperity

#10

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

Protectionism

Explanation

Policy to shield domestic industries from foreign competition

#11

What is a characteristic of a post-industrial society?

Emphasis on service and information sectors

Explanation

Shift from manufacturing to service-based industries and information technology

Societal and Economic Transformations Quiz

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

Who is considered the father of modern economics?

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

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

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

What is the primary focus of neoliberal economic policies?

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

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

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

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

What is a characteristic of a post-industrial society?

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