Classical Economics Overview Quiz

<p>They both believed in the social benefits of free markets.</p> Signup and view all the answers

<p>He studied both science and mathematics, as well as literature and history.</p> Signup and view all the answers

<p>Ensuring equal distribution of wealth</p> Signup and view all the answers

<p>It is impossible to exclude individuals from consuming them resulting in free-riders</p> Signup and view all the answers

<p>Through a system of free competition, free international trade, and a well-functioning public sector.</p> Signup and view all the answers

<p>The cost of providing them often outweighs any potential profit for individuals or small groups</p> Signup and view all the answers

<p>The degree to which the economy is free from restrictions and competitive</p> Signup and view all the answers

<p>To incorporate additional empirical evidence gathered from his travels.</p> Signup and view all the answers

<p>Food is necessary for human existence.</p> Signup and view all the answers

<p>His father embraced utopian ideals, while Malthus had a more pessimistic outlook.</p> Signup and view all the answers

<p>The relationship between population increase and food production would put a limit on human progress.</p> Signup and view all the answers

<p>He used their utopian visions as a contrast to introduce his own theory.</p> Signup and view all the answers

<p>Poverty and birth control.</p> Signup and view all the answers

<p>Professor of political economy</p> Signup and view all the answers

<p>It served as a source of inspiration for Darwin's theory of evolution.</p> Signup and view all the answers

<p>The varying ease or hardship, skill requirements, and social perception of different employments.</p> Signup and view all the answers

<p>Employers have more bargaining power as there are generally fewer of them than employees, making it easier for them to agree on lower wages.</p> Signup and view all the answers

<p>The financial resources that employers control for the purpose of paying wages to employees.</p> Signup and view all the answers

<p>The reward for capital is variable but far less than the variability of wages, based on risk and the work of management.</p> Signup and view all the answers

<p>Land rent is essentially determined by a landlord's monopoly, resulting in the tenant paying what the landlord demands, roughly reflecting the difference between the tenant’s income and normal costs.</p> Signup and view all the answers

<p>Individual self-interest, within a system of free competition, often leads to outcomes that benefit society, even if that was not the intention.</p> Signup and view all the answers

<p>These interpretations are rooted in the belief that shorter versions present the main message better and that competition and efficiency are directly linked.</p> Signup and view all the answers

<p>They can greatly influence wages and profits, particularly through private restraint on competition which is supported by governments.</p> Signup and view all the answers

<p>High wages and high profits are causes of high commodity prices, while high rents are an effect of high prices.</p> Signup and view all the answers

<p>The text mentions that there can be conflicts between individual and social interests.</p> Signup and view all the answers

<p>Seeking the greatest possible rate of return on their capital.</p> Signup and view all the answers

<p>A method to counteract market weaknesses and failures.</p> Signup and view all the answers

<p>Sellers collaborating to control prices, or government privileges.</p> Signup and view all the answers

<p>Their own self-interest and profitability.</p> Signup and view all the answers

<p>Competition tends to stabilize prices toward their natural levels.</p> Signup and view all the answers

<p>Economic systems should aim to maximize the resources available for consumption.</p> Signup and view all the answers

<p>The largest expansion of national income and resources for consumption.</p> Signup and view all the answers

<p>Population growth tends to increase geometrically, while food production increases arithmetically.</p> Signup and view all the answers

<p>Because their self interest makes them less likely to discuss their own gains.</p> Signup and view all the answers

<p>Decreasing returns in agriculture, coupled with an infinitely elastic supply of labor at the subsistence wage.</p> Signup and view all the answers

<p>A theoretical model of an economy without market imperfections.</p> Signup and view all the answers

<p>The level of income just sufficient for the reproduction of the working class.</p> Signup and view all the answers

<p>Market actors conspiring against public interests.</p> Signup and view all the answers

<p>Positive checks ('misery') and preventive checks ('vice').</p> Signup and view all the answers

<p>The price that is the lowest sellers can take and still remain in the market.</p> Signup and view all the answers

<p>An increase in sellers normally results in a greater degree of competition.</p> Signup and view all the answers

<p>He included moral restraint and later marriages as checks on population, not just misery and vice.</p> Signup and view all the answers

<p>He believed sexual passion would decrease with increasing wealth.</p> Signup and view all the answers

<p>Producers face prices that are beyond their control.</p> Signup and view all the answers

<p>That his theory did not find a deeper theoretical justification for the arithmetic growth of food.</p> Signup and view all the answers

<p>The annual revenue of society through individual self-interest.</p> Signup and view all the answers

<p>A more holistic 'social welfare' approach, accounting for different individual interests.</p> Signup and view all the answers

<p>The population growth in the United States doubling every 25 years.</p> Signup and view all the answers

<p>It would lead to population growth that would eventually drive wages back to the subsistence level.</p> Signup and view all the answers

<p>Pessimistic, due to the tension between population and food supply.</p> Signup and view all the answers