Podcast
Questions and Answers
According to Adam Smith, how does the market mechanism coordinate the activities of economic actors?
According to Adam Smith, how does the market mechanism coordinate the activities of economic actors?
- Through government intervention
- Through central planning
- By individual pursuit of self-interest (correct)
- By random chance
What did Karl Marx identify as the key driver of historical change in society?
What did Karl Marx identify as the key driver of historical change in society?
- Government policies
- Technological advancements
- Division of labor
- Class struggle (correct)
Which Industrial Revolution wave was characterized by advancements in computers and partial automation?
Which Industrial Revolution wave was characterized by advancements in computers and partial automation?
- Fourth IR
- Third IR (correct)
- First IR
- Second IR
What did Thomas Malthus predict about income levels in relation to population growth?
What did Thomas Malthus predict about income levels in relation to population growth?
Which concept did Adam Smith strongly support in relation to economic activity?
Which concept did Adam Smith strongly support in relation to economic activity?
What was Karl Marx's view on the relationship between the working class and the capitalist class?
What was Karl Marx's view on the relationship between the working class and the capitalist class?
What was one of the implications of 'Malthus's Law'?
What was one of the implications of 'Malthus's Law'?
Why did Malthus suggest that unless there is technological improvement or an increase in resources, the population will tend to stay the same?
Why did Malthus suggest that unless there is technological improvement or an increase in resources, the population will tend to stay the same?
What is the significance of labour-saving and energy intensive production methods that emerged in the 18th and 19th centuries?
What is the significance of labour-saving and energy intensive production methods that emerged in the 18th and 19th centuries?
Why is it crucial for private property to be secure for capitalism to be dynamic?
Why is it crucial for private property to be secure for capitalism to be dynamic?
What role did labour productivity play in escaping the Malthusian trap?
What role did labour productivity play in escaping the Malthusian trap?
How did Malthus view subsistence levels during his time?
How did Malthus view subsistence levels during his time?
Flashcards are hidden until you start studying
