David Ricardo Economic Views
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Questions and Answers

What is the primary function of economics as described in the text?

  • Conducting social experiments
  • Providing historical insights
  • Analyzing actual economic problems (correct)
  • Predicting future market trends
  • What method did Ricardo use to construct his economic model?

  • Pragmatic analysis
  • Inductive reasoning
  • Abstract reasoning (correct)
  • Empirical observation
  • Which branch of economics was inspired by classical political economists like Adam Smith and David Ricardo?

  • Behavioral economics
  • Marxian economics (correct)
  • Monetarist economics
  • Keynesian economics
  • What impact did Marx's ideas have on societies according to the text?

    <p>They influenced communist projects in USSR, China, and Cuba</p> Signup and view all the answers

    In which fields is Marx still considered influential among modern thinkers?

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

    Which economist is credited with establishing the form and methods of the Ricardian school of thought?

    <p>David Ricardo</p> Signup and view all the answers

    Who among the classical economists was concerned about the question of 'distribution'?

    <p>Thomas Malthus</p> Signup and view all the answers

    What caused a breach between David Ricardo and his father according to the text?

    <p>His conversion to Christianity and marriage to a Quaker</p> Signup and view all the answers

    Which two economists were major protagonists in the debate about the existence of a 'surplus' in a market economy?

    <p>Jean Baptiste Say and Thomas Malthus</p> Signup and view all the answers

    Which economist among those mentioned in the text was concerned about the nature of economic growth?

    <p>David Ricardo</p> Signup and view all the answers

    In the context of classical economists, who was involved in debates with David Ricardo on policy issues like the 'Corn Laws' and the 'Poor Laws'?

    <p>Thomas Malthus</p> Signup and view all the answers

    'Mercantilism' is associated with which period of dominance in Western European economic thought and policies?

    <p>Sixteenth to the late eighteenth centuries</p> Signup and view all the answers

    What did David Ricardo argue in his Essay on the Influence of a Low Price of Corn on the Profits of Stock?

    <p>Raising duties on imported grain increased the incomes of landowners and the aristocracy.</p> Signup and view all the answers

    Which philosopher and economist was David Ricardo friends with?

    <p>Thomas Malthus</p> Signup and view all the answers

    What theory did David Ricardo first develop in 1817 to explain economic rent?

    <p>Theory of Rent</p> Signup and view all the answers

    According to David Ricardo, what would help distribute national income towards more productive groups in society?

    <p>Abolishing the Corn Laws</p> Signup and view all the answers

    Who were the primary opponents of Ricardo's free-trade views?

    <p>Landowners</p> Signup and view all the answers

    What economic legislation was Ricardo responding to in 1815 with his Essay on the Influence of a Low Price of Corn on the Profits of Stock?

    <p>New laws raising duties on imported wheat</p> Signup and view all the answers

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