Visionaries of Economics

Visionaries of Economics

5th Grade

15 Qs

quiz-placeholder

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Visionaries of Economics

Visionaries of Economics

Assessment

Quiz

Social Studies

5th Grade

Easy

Created by

TIMOTHY BALASA

Used 1+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system is characterized by private ownership and free markets?

Capitalism

Socialism

Communism

Feudalism

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: Karl Marx is best known for his work on ________.

Capitalism

Socialism

Communism

Feudalism

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who wrote 'Das Kapital'?

Adam Smith

Karl Marx

John Maynard Keynes

Milton Friedman

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: The concept of the 'invisible hand' is associated with ________.

Adam Smith

Karl Marx

John Maynard Keynes

Milton Friedman

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a key feature of socialism?

Private ownership

Free markets

Collective ownership

Laissez-faire

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is known for the theory of comparative advantage?

David Ricardo

Karl Marx

John Maynard Keynes

Milton Friedman

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: The theory of ________ suggests that countries should specialize in producing goods they can produce most efficiently.

Absolute Advantage

Comparative Advantage

Opportunity Cost

Supply and Demand

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