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A visually engaging representation of economic theories, featuring icons of key economists like Marx, Smith, and Durkheim, alongside elements symbolizing capitalism, socialism, and division of labor.

Economic Theories Quiz

Test your knowledge of key economic theories and their contributors with this comprehensive quiz. Explore the ideas of influential thinkers such as Durkheim, Marx, Smith, and Ricardo. Whether you're a student of economics or just curious about the subject, this quiz offers valuable insights.

29 thoughtfully crafted questions
Covering topics from division of labor to capitalism
A mix of multiple-choice and text-based answers

29 Questions7 MinutesCreated by ThinkingPineapple57

According to Durkheim, division of labor does not increase individualism. Rather, it increases solidarity.

True

False

According to Smith, division of labor in an advanced stage of economic development makes the qualitative skill of the worker the property of the combined division of labor, thus robbing the worker of their skill.

True

False

In The Protestant Ethic and the Spirit of Capitalism, Weber showed that stronger religious piety is correlated with stronger economic performance due to the encouragement of the idea of labor as a duty and Protestantism’s individualist approach to sin and salvation.

True

False

For Durkheim, people will likely obey an order if it possesses legitimacy. This is even so if they are in violation of the order since they do it in a clandestine/secretive manner.

True

False

Ricardo believes that there is a harmony in the societies of different states the same way there is a harmony in the economic interests between states.

True

False

According to Durkheim, as society progresses, it takes a lower form of solidarity. Therefore, disintegration is inevitable for societies which underwent industrialization.

True

False

This refers to property and class relations including technical relations

Means or Forces of Production

Modes of Production

Relations of Production

For Smith, this is a process by which a particular productive operation/economic activity is subdivided into a certain number of separate operations, each of which is carried out by a different person.

Rent

Invisible Hand

Division of Labor

Which is a requirement for division of labor to work

Small to Medium Markets

Technological Advances in transportation and communication

Controlled Economy

According to Marx, who has given the cosmopolitan character to production and consumption across countries?

Feudal Lords

Bourgeoisie

Proletariat

He argued that while its production side is important, it must also give emphasis on the distribution of wealth where there could be a divergence of the interests of various classes.

Adam Smith

David Ricardo

Karl Marx

Capitalism will reach a point where it can no longer sustain significant productive growth. This is known as:

Alienation

Overproduction

The proletariat

For Ricardo, they are the privileged recipients of the benefits under an agricultural society.

Aristocracy

The church

Landowners

Smith claims that the greatest improvement in production is the effect of:

Technology

Division of labor

Market

The following are the immediate aims of socialism except for:

Formation of proletariat into a class

Conquest of political power by the proletariat

Expansion of middle class

Overthrow of bourgeois supremacy

The Physiocrats gave importance the value of agriculture. Therefore, this is considered as the ultimate source of wealth.

This is Durkheim’s work aimed at explaining variations in the rate at which people commit this apparently most private and individual of acts in terms of social causes (eg. Egoistic, anomic, and altruistic).

This work sought to refute the historical materialism and emphasized the importance that the individual plays in the economy. It also focused on the promotion of secular work as a means of economic progress.

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