30 Economics Trivia Quiz Questions and Answers MCQ

  • November 23, 2022
  • Math
list of trivia questions economics trivia

There are plenty of ways to enhance your knowledge in economics, where solving trivia questions is very effective. Economics trivia and MCQ give you confidence from options to pick the most appropriate answer for the question. Competitions are held based on questions like this economics trivia. It is not the end, keep solving questions as much as you find on the internet as well as any other source. There is no shortcut to success. You have to pay for your effort. These 30 questions of MCQ economics trivia can be a good way to stay on track with your journey.

The Wealth of Nations is primarily a work on economic progress and the laws that may either help or hurt it, as the title indicates. The book provides a realistic refutation of the mercantilists’ protectionist ideologies as well as an argument in favor of free trade. However, in the process of criticizing “false doctrines of political economics,” Explore economics trivia quiz questions and answers MCQ. Smith fundamentally examined how the market system functions as a controller of human action. He noted that in a “commercial society,” each person is motivated by their own interests and has very little power to affect pricing. In other words, everyone accepts prices as they are and is only allowed to alter the amounts they buy and sell at the set pricing.

The final determinant of pricing, however, is the aggregate of all individual activities. According to Smith, the “invisible hand” of competition ensures social outcomes regardless of personal motives, opening the door for an impartial study of economic behavior. Smith claimed he had discovered a tool in competitive markets that might transform “private vices” (like selfishness) into “public virtues” (such as maximum production). Enjoy economics trivia quiz questions and answers MCQ. However, this is only true if the competitive system is incorporated into a suitable institutional and legal framework, an understanding that Smith outlined in great detail but that was generally ignored by following generations. However, this is not the entire importance of The Wealth of Nations. Smith also discusses how nations got to be wealthy and includes rudimentary ideas of value, distribution, and even international commerce and money. Despite their flaws, these theories served as the foundation for both classical and contemporary economics. In fact, the book’s volume increased its impact because there was so much left unclear for Smith’s supporters to fill in.

Principles of Political Economy and Taxation was written by David Ricardo one generation after Smith’s book was published (1817). In a way, this work served as a critique of The Wealth of Nations. In another way, though, Ricardo’s contributions offered the growing field of political economy a whole fresh perspective. The idea of an economic model was created by Ricardo. Share economics trivia quiz questions and answers MCQ. It was a tightly knit logical apparatus made up of a few key variables that, with minor adjustments and the inclusion of a few extras that could be seen empirically, could provide results with significant practical implications.  The primary tenet of the Ricardian system is that economic expansion must eventually be curtailed due to the rising expense of growing food on a finite amount of land.

The Malthusian principle, first stated in Thomas Malthus’s “Essay on Population” (1798), is a key component of this case. According to Malthus, as the labor force grows, more food can only be produced by expanding cultivation to less fertile soil or by applying capital and labor to land already under cultivation, with diminishing returns due to the so-called law of diminishing returns. Find economics trivia quiz questions and answers MCQ. Because tenant farmers compete with one another for better land, profits do not increase proportionately even while wages are kept low. Malthus came to the conclusion that landowners would be the main benefactors of economic growth as land prices rose.

Economics trivia quiz questions and answers MCQ

011-Economics Trivia (30)

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The apparent remedy was to import inexpensive wheat from other nations as the diminishing yield (i.e., bushels of wheat per unit of land), in Ricardo’s opinion, was the source of the issue. Ricardo came up with the “law of comparative costs” as evidence for his theory of free trade in an effort to demonstrate that Britain would profit by specializing in manufactured products and exporting them in exchange for food. Compete over economics trivia quiz questions and answers MCQ. He made the assumption that while labor and capital are free to travel inside a particular country in quest of the maximum returns, they are not when moving across nations. Ricardo demonstrated that comparing costs inside each nation rather than across nations is what determines the advantages of international commerce.

A nation that focuses on producing the things it can manufacture substantially more effectively would benefit from international commerce (the same country would import everything else). For instance, India may be able to manufacture everything more effectively than England, but India may benefit most by focusing its resources on textiles since this sector of Indian production has a higher efficiency than other sectors and by importing British capital goods. Enjoy economics trivia quiz questions and answers MCQ. The beauty of the thesis is that if all nations fully utilize this territorial division of labor, global physical production will unquestionably be greater than it will be if some or all nations attempt to achieve self-sufficiency. The notion of comparative advantage, sometimes known as Ricardo’s law, served as the foundation for free trade theory in the 19th century.

Nearly immediately after its publication, Ricardo’s treatise began to have an impact, and for more than 50 years, the Ricardian approach predominated in British economic thought. The exposition of Ricardo’s ideas in Principles of Political Economy by John Stuart Mill in 1848 gave them fresh legitimacy for a subsequent age. Bookmark economics trivia quiz questions and answers MCQ. However, most economists gradually moved away from Ricardo’s worries after 1870 and started reexamining the theoretical underpinnings of the theory of value, which aims to explain why products trade at the prices they do. As a result, a lot of economists in the late 19th century focused on the issue of resource allocation in the presence of perfect competition.

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