Economic History Quiz Questions & Answers
Economic History Quiz
9 multiple choice quiz questions with answers
Looking to test your knowledge of economic history? Take our quiz and explore the key concepts, organizations, and notable works of this fascinating field. Whether you're interested in the institutional dynamics of systems of production, the history of capitalism, or the impact of the economy on soc...
Looking to test your knowledge of economic history? Take our quiz and explore the key concepts, organizations, and notable works of this fascinating field. Whether you're interested in the institutional dynamics of systems of production, the history of capitalism, or the impact of the economy on society, this quiz will challenge and inform you. From Adam Smith and Karl Marx to Douglass North and Robert Fogel, learn about the major figures and ideas that have shaped economic history. Test your understanding of key concepts like cliometrics
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1. What is economic history?
- A field of study that uses both quantitative data and qualitative sources to understand the historical context in which major economic events take place.
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2. What are the sub-disciplines of economic history?
- Financial and business history, New Economic History or cliometrics, and history of capitalism.
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3. What is cliometrics?
- The systematic use of economic theory and econometric techniques to the study of economic history.
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4. What is the historical school of economics?
- The school of economics that dominated German and French scholarship for most of the 20th century, which argued that there were no universal truths in history, emphasizing the importance of historical context without quantitative analysis.
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5. What is the new field called "history of capitalism"?
- A field that has emerged in US history departments since about the year 2000, focusing on the contribution of slavery to the rise of the US economy in the nineteenth century.
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6. What is the Economic History Review?
- The first journal specializing in the field of economic history, founded in 1927.
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7. Who are some notable economic historians?
- Douglass North, Robert Fogel, and Claudia Goldin.
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8. What are some notable works in financial history?
- "The House of Morgan" by Ron Chernow and "The Great Crash, 1929" by John Kenneth Galbraith.
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9. What are some notable works in globalization and inequality?
- "The Bottom Billion" by Paul Collier and "Globalization and Its Discontents" by Joseph Stiglitz.
How well do you know Capitalism?
9 multiple choice quiz questions with answers
Test your knowledge of the economic system of capitalism with this informative quiz that covers its historical overview, globalization, inequality, and future. Learn about the debated roots and evolution of capitalism, the two broad schools of thought, and the emergence of a field of study focused o...
Test your knowledge of the economic system of capitalism with this informative quiz that covers its historical overview, globalization, inequality, and future. Learn about the debated roots and evolution of capitalism, the two broad schools of thought, and the emergence of a field of study focused on its history. Discover the major tenets of mercantilism and the Industrial Revolution's impact on the factory system of manufacturing. Understand the challenges to capitalism and the increasing influence of technology. Delve into the current state of capitalism,
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1. What is the difference between the 'commercialisation model' and the 'agrarian model' of the origins of capitalism?
- The commercialisation model sees capitalism originating in trade and commerce, while the agrarian model explains the rise of capitalism by unique circumstances in English agrarianism.
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2. What was the Elizabethan System?
- The Elizabethan System was a system of mercantilism that paved the foundation for establishing a global empire in the 19th century.
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3. What is mercantilism?
- Mercantilism was a system backed by state controls, subsidies, and monopolies, where merchants made profits from buying and selling goods, and the state regulated the economy.
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4. What is the current state of capitalism characterized by?
- The current state of capitalism is characterized by globalization, neoliberalism, and the increasing influence of technology.
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5. What is the Industrial Revolution?
- The Industrial Revolution marked the development of the factory system of manufacturing, characterized by a complex division of labor and the routinization of work tasks.
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6. What is the main aim of economic policy according to proponents of mercantilism?
- Proponents of mercantilism emphasized state power and overseas conquest as the primary aim of economic policy.
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7. What is the impact of capitalism on minorities and women?
- The history of capitalism has impacted minorities and women, and the 21st century has seen the emergence of a field of study focused on the history of capitalism, covering topics such as insurance, banking, regulation, and the impact of capitalism on minorities and women.
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8. What is the IMF's warning regarding inequality within nations?
- The IMF warned that inequality within nations has risen so sharply that it threatens economic growth and could result in further political polarization.
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9. What is the role of Keynesian economics in government regulation?
- Keynesian economics became a widely accepted method of government regulation, and countries experimented with mixed economies in which the state owned and operated certain major industries.
Tulip Mania Quiz
9 multiple choice quiz questions with answers
Think you know everything about the world's first economic bubble? Test your knowledge with our Tulip Mania quiz! From the rise and fall of tulip prices to the impact of the bubble on the Dutch economy, this quiz will put your understanding of this fascinating socio-economic phenomenon to the test....
Think you know everything about the world's first economic bubble? Test your knowledge with our Tulip Mania quiz! From the rise and fall of tulip prices to the impact of the bubble on the Dutch economy, this quiz will put your understanding of this fascinating socio-economic phenomenon to the test. With questions on the history of tulips, the traders involved, and the aftermath of the bubble, you'll learn something new while having fun. So, put on your thinking cap and take the Tulip
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1. What was the primary reason for the popularity of tulips during the 17th century?
- Tulips were a coveted luxury item with a profusion of varieties.
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2. What was the maximum fee that buyers had to pay for a tulip trade during the tulip mania?
- 2.5% wine money fee
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3. What was the reason for the collapse of the tulip bulb contract prices in February 1637?
- Unknown reasons
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4. Who conducted the trade in tulips during the tulip mania?
- Exclusively merchants and skilled craftsmen
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5. What was the primary argument made by Peter Garber regarding the tulip mania?
- Tulip mania was a meaningless winter drinking game.
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6. What was the name of the book that proposed the idea of tulip mania being a socio-economic phenomenon?
- Extraordinary Popular Delusions and the Madness of Crowds
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7. What was the strike price settled for tulip bulbs during the tulip mania?
- 3.5%
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8. What was the primary reason for the popularity of Mackay's tale of tulip mania?
- It was a cautionary tale about irrational behavior.
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9. What was the impact of tulip mania on the Dutch Republic?
- It had no critical influence on the prosperity of the Dutch Republic.
The South Sea Bubble
9 multiple choice quiz questions with answers
Test your knowledge of one of the most notorious economic speculation bubbles in history with this quiz on the South Sea Bubble. Learn about the South Sea Company's origins, its involvement in the slave trade, its Arctic whaling venture, and the events leading up to the stock market crash of 1720. D...
Test your knowledge of one of the most notorious economic speculation bubbles in history with this quiz on the South Sea Bubble. Learn about the South Sea Company's origins, its involvement in the slave trade, its Arctic whaling venture, and the events leading up to the stock market crash of 1720. Discover the scandalous insider trading, bribes to politicians, and the parliamentary inquiry that followed. See if you can answer questions on the company's coat of arms and the key players involved. Challenge yourself
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1. What was the South Sea Company's original purpose?
- To consolidate and reduce the cost of the national debt
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2. What was the South Sea Company's monopoly?
- Supplying African slaves to the islands in the 'South Seas' and South America
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3. What caused the South Sea Bubble to collapse?
- The sudden drop in the company's stock value
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4. What was the Bubble Act 1720?
- A law forbidding the creation of joint-stock companies without royal charter
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5. What was the punishment for those found to have profited immorally from the South Sea Company?
- Their personal assets were confiscated proportionate to their gains
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6. What was the South Sea Company's involvement in the slave trade?
- The company established slave reception factories and had slave deposits
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7. What was the South Sea Company's involvement in Arctic whaling?
- The venture was not successful, and the company accumulated a net loss
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8. What was the South Sea Company's main function?
- Managing government debt
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9. What was the investigation that began after the collapse of the South Sea Bubble?
- An investigation into widespread fraud amongst the company directors and corruption in the Cabinet
The Bretton Woods System Quiz
9 multiple choice quiz questions with answers
How much do you know about the Bretton Woods system? Test your knowledge with this quiz and learn about the global economic framework established in 1944 to regulate international trade and monetary policy. From the creation of the International Monetary Fund (IMF) to the role of the United States a...
How much do you know about the Bretton Woods system? Test your knowledge with this quiz and learn about the global economic framework established in 1944 to regulate international trade and monetary policy. From the creation of the International Monetary Fund (IMF) to the role of the United States as the world's dominant economic power, this quiz will challenge your understanding of the Bretton Woods system and its legacy in the 21st century.
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1. What was the main purpose of the Bretton Woods System?
- To govern monetary relations among independent states
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2. Which country controlled two-thirds of the world's gold during the Bretton Woods System?
- The United States
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3. What was the role of the International Monetary Fund (IMF) in the Bretton Woods System?
- To monitor exchange rates and lend reserve currencies to nations with balance of payments deficits
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4. What was the main reserve currency used in the Bretton Woods System?
- The US dollar
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5. What were the two rival plans developed by the US and Britain for the Bretton Woods System?
- Harry Dexter White's plan and John Maynard Keynes' plan
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6. What led to the breakdown of the Bretton Woods System in the 1970s?
- The US running large trade deficits and the increasing cost of the Vietnam War
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7. What was the Atlantic Charter?
- A precursor to the Bretton Woods Conference, drafted during U.S. President Franklin D. Roosevelt's August 1941 meeting with British Prime Minister Winston Churchill
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8. What was the role of the International Bank for Reconstruction and Development (IBRD) in the Bretton Woods System?
- To promote growth of world trade and finance postwar reconstruction of Europe
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9. What has sparked renewed interest in the Bretton Woods System in the 21st century?
- The 2008 financial crisis and the COVID-19 pandemic
The Dot-Com Bubble Quiz
9 multiple choice quiz questions with answers
Test your knowledge of the dot-com bubble and its aftermath with our quiz! From the explosive growth of the technology sector to the devastating crash, we'll challenge your understanding of the events that shaped the modern internet age. See if you can answer questions about the factors that led to...
Test your knowledge of the dot-com bubble and its aftermath with our quiz! From the explosive growth of the technology sector to the devastating crash, we'll challenge your understanding of the events that shaped the modern internet age. See if you can answer questions about the factors that led to the bubble, the companies that emerged from the wreckage, and the lasting impact of this pivotal moment in economic history. Whether you lived through the dot-com era or are just learning about it now, our quiz is a fun and
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1. What caused the dot-com bubble?
- The growth in Internet adoption
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2. What was the peak of the NASDAQ Composite stock market index during the dot-com bubble?
- 5,048.62
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3. What was the title of the Barron's article published on March 20, 2000?
- Burning Up; Warning: Internet companies are running out of cash—fast
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4. What was the reason for the decline in enrollment for computer-related degrees after the dot-com crash?
- Layoffs of programmers resulted in a general glut in the job market
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5. What was the percentage of dot-com companies that survived through 2004?
- 48%
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6. What was the impact of the dot-com crash on retail investors?
- They transitioned their portfolios to more cautious positions
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7. What was the impact of the dot-com crash on the job market?
- Layoffs of programmers resulted in a general glut in the job market
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8. What was the total value wiped out by the dot-com crash?
- $1.755 trillion
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9. What companies gained market share and came to dominate their respective fields after the dot-com crash?
- Amazon.com, eBay, and Google
The Ultimate Quiz on the 2008 Financial Crisis
9 multiple choice quiz questions with answers
Test your knowledge on the worldwide economic crisis with our quiz on key facts and figures. From the causes of the crisis to the theories and predictions surrounding it, this quiz covers it all. Learn about the most serious financial crisis since the Great Depression and the measures taken to preve...
Test your knowledge on the worldwide economic crisis with our quiz on key facts and figures. From the causes of the crisis to the theories and predictions surrounding it, this quiz covers it all. Learn about the most serious financial crisis since the Great Depression and the measures taken to prevent a collapse of the global financial system. This quiz is perfect for anyone interested in economics, finance, or global events. So, let's see how much you know about the 2008 financial crisis!
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1. What was the main cause of the 2007-2008 financial crisis?
- All of the above
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2. What was the impact of the financial crisis on the global economy?
- A global economic recession
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3. What was the purpose of the Dodd-Frank Wall Street Reform and Consumer Protection Act?
- To promote the financial stability of the United States
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4. What were the Basel III capital and liquidity standards?
- Adopted by countries around the world to regulate financial markets
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5. What is predatory lending?
- The practice of unscrupulous lenders enticing borrowers into unsafe loans
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6. What is the Austrian School's view on the 2007-2008 financial crisis?
- It was a predictable credit-fueled bubble caused by laxity in monetary supply
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7. What was the impact of the financial crisis on job losses and consumer wealth?
- Decreased job opportunities and consumer wealth
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8. What was the cause of the collapse of Lehman Brothers in 2008?
- The financial crisis
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9. What did the relaxation of underwriting standards and ultra-low interest rates initiate by the Federal Reserve lead to?
- Increased risk-taking by financial institutions
The History of Economic Thought Quiz
9 multiple choice quiz questions with answers
Test your knowledge of the history of economic thought with this informative quiz. From ancient Greek philosophers to modern-day economists, this quiz covers the key figures and schools of thought that have shaped economic theory over the centuries. With questions covering topics such as the develop...
Test your knowledge of the history of economic thought with this informative quiz. From ancient Greek philosophers to modern-day economists, this quiz covers the key figures and schools of thought that have shaped economic theory over the centuries. With questions covering topics such as the development of mercantilism, the rise of neoclassical economics, and the impact of the Keynesian revolution, this quiz will challenge and educate anyone interested in the history of economics. So put your thinking cap on and take the quiz to see
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1. Who argued for a just price that covers production costs and ensures social order?
- Thomas Aquinas
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2. Who expressed a theory of civilization lifecycle, specialization of labor, and the value of money as a means of exchange?
- Ibn Khaldun
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3. Who believed that agricultural surpluses, by flowing through the economy in the form of rent, wages, and purchases, were the real economic movers?
- François Quesnay
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4. Who argued that it is impossible to strive for a favorable balance of trade?
- David Hume
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5. Who developed the concept of utilitarianism, advocating for universal suffrage, freedom of speech, free trade, and health insurance?
- Jeremy Bentham
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6. Who believed that centralizing economic decision-making would lead not only to infringements of liberty but also to depressed standards of living?
- Friedrich Hayek
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7. Who founded the German historical school of economics, which promoted the cyclical theory of nations and spread through academia in Britain and the U.S.?
- Wilhelm Roscher
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8. Who wrote Das Kapital, which critiques political economy and argues that the economy is bound to tend towards a steady state?
- Karl Marx
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9. Who developed Linear Programming for the optimal allocation of resources?
- Leonid Kantorovich